Castle Harbour Decision: Legitimacy of Partnerships With Tax Benefits
Structuring the Entity to Withstand IRS Scrutiny and Maximize Tax Advantages
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Thursday, January 14, 2010
Recorded event now available
This CLE webinar will analyze the recent ruling in the Castle Harbour case, its impact on determining the legitimacy of partnership structures with tax benefits, and best practices for structuring partnerships to withstand IRS scrutiny.
Description
The recent district court ruling in TIFD III-E Inc. v. United States (the Castle Harbour case) was a victory for the taxpayer in an IRS challenge of a partnership structure. The IRS claimed the partnership was merely a tax shelter with no legitimate business purpose.
On remand after the Second Circuit reversed its original ruling, the district court held in Oct. 2009 that the partnership between the company and two foreign banks qualified as a family partnership under section 704(e)(1).
Amid aggressive efforts by the IRS to crackdown on tax shelters, Castle Harbor has broad implications for other partnership structures whose members may not qualify for partner status under the traditional Culberston rule.
Listen as our panel of tax attorneys discusses the Castle Harbour case, its impact on partnership structures with tax benefits, and structuring transactions to withstand IRS attack.
Outline
- Analysis of court’s ruling
- Family partnership status under section 704(e)
- Partnership status test under Culbertson
- Impact of ruling on future IRS challenges to legitimacy of partnerships
- Structuring partnerships to withstand IRS attack
Benefits
The panel will review these and other key questions:
- How will the Castle Harbour ruling impact the way courts view the legitimacy of partnership structures with tax benefits?
- Will this decision impact future IRS challenges of partnership structures with tax benefits?
- What proactive steps should counsel take on behalf of current and prospective clients in light of the Castle Harbour ruling?
Faculty
Lawrence M. Hill,
Partner
Dewey & LeBoeuf, New York
He is lead litigation counsel to a major international bank in civil litigation and government investigations involving alleged tax shelters. He is also lead counsel to major professional services firms and financial institutions under promoter penalty investigation by the IRS, and has represented clients in tax shelter investigations conducted by the U.S. Senate Finance Committee.
Todd Y. McArthur,
Partner
Dewey & LeBoeuf, Washington, D.C.
He represents multinational corporations and private investors in a wide range of transactions, including transactions dealing with domestic and cross-border partnerships, strategic joint ventures, and other partnership acquisitions, dispositions and restructurings. He has extensive tax controversy experience that is generally centered on leasing and partnership tax matters.
Abraham N. M. Shashy,
Partner
Dewey & LeBoeuf, Washington, D.C.
His practice includes transactional tax planning for, and tax controversy representation of, multinational corporations in a variety of domestic and international contexts including partnerships and joint ventures, capital market and finance transactions, business combinations and reorganizations, mergers and acquisitions. He served as Chief Counsel for the IRS from February 1990 to January 1993.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CPE: Self-study CPE is not offered on online webinars.
CLE:
Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*.
Pre-approved for self-study credit in: AK, AZ, MO, MT, TX, VT, WA.
Upon request, also available in: CO, CT*, FL, GA, ID, KY, LA*, ME, NC, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)
Online CLE Audio $149.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CPE: Self-study CPE is not offered on recorded events.
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
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Available three business days after the live event
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Available ten business days after the live event
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Available 24 hours after the live event
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plus $9.45 S&H
Available ten business days after the live event
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Program Materials
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Program Materials
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CPE Credit
Strafford is a NASBA CPE sponsor and our live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Customer Reviews
The presenters were knowledgeable and able to intelligently answer questions.
Tommy Orr
Mikunda, Cottrell & Co., Inc.
The seminar was given in a very user friendly presentation format.
Danielle Burns
Duane Morris LLP
It was a very good presentation of complex material, managed in an understandable format. The information will be useful in my practice.
Jay H. McDowell
Withers Bergman LLP
The seminar was understandable, fluid and thorough for the topics covered.
Susan L. Dolin, Esq.
Susan L. Dolin, P.A.
Another great job by Strafford!
Jessica Brown
Gibson Dunn
Tax Law Advisory Board
Tax Partner
Steptoe & Johnson
Of Counsel
Morrison & Foerster
Partner, Federal, State and International Tax Planning
Rogin Nassau
International Tax and Tax Controversies Partner
DLA Piper
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Transactional Tax Partner
McKenna Long & Aldridge
Partner, Cross-Border Transactions Tax
Fraser Milner Casgrain
Federal Tax Partner
Nixon Peabody
Partner, Tax-Exempt Organizations
Steptoe & Johnson
Partner, Corporate Tax and Due Diligence
Pepper Hamilton
Tax Controversy Partner
Crowell & Moring
Of Counsel
Skadden Arps
Peter Stathopoulos
Managing Director, State and Local Tax Practice
Bennett Thrasher
Partner & Co-Chair, State & Local Tax Practice
Sutherland Asbill & Brennan
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