| Title: |
Recent Developments in the Taxation of Individuals and Partnerships (in cooperation with the Tulane Law School 57th Annual Institute on Federal Taxation) |
| Prerequisite: |
Overview of Federal Income Taxation or comparable knowledge/experience |
| Advance Preparation: |
None |
| Knowledge Level: |
Intermediate |
| Subject Matter Area: |
Taxes |
| Date of Publication: |
December 2008 |
| Copyright © |
2008 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
5 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
This program discusses and provides the context to understand the significance of the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during the most recent twelve months—and sometimes a little farther back in time if the author found the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail; therefore, just the basic topic and fundamental principles are highlighted. Amendments to the Internal Revenue Code generally are not discussed except to the extent that (1) they are of major significance, (2) they have led to administrative rulings and regulations, or (3) they have affected previously issued rulings and regulations otherwise covered by this program. The program focuses primarily on topics of broad general interest—income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, and procedure and penalties. It generally does not deal with international taxation or specialized industries, such as banking, insurance, and financial services.
This program includes expert analysis by Thomas L. Evans on audio.
Use of Materials
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the program before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of each chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.
This program is divided into seven (7) chapters.
Chapter 1 explains how recent legislation and court cases have affected the reporting of personal income, deductions, and credits.
Chapter 2 explains how recent developments have affected partnerships, including formation, allocations of distributive share, partnership debt, and outside basis, as well as partnership audit rules and other miscellaneous partnership issues.
Chapter 3 discusses business income and deductions, including depreciation of certain types of property, natural resource deductions and credits, as well as changes in other business credits.
Chapter 4 takes a look at recent legislation and court cases affecting the treatment of investment gains and losses.
Chapter 5 reviews the results of recent tax shelter cases as well as relevant regulatory changes.
Chapter 6 examines recent judicial and regulatory developments regarding charitable contributions.
Chapter 7 identifies the effects of recent developments with respect to penalties, tax accrual workpapers, statutes of limitation, liens and collections, innocent spouse relief, and other miscellaneous issues.
Helpful Guidance
Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:
A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.
A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.
Thomas L. Evans is a partner in the Chicago office of Kirkland & Ellis LLP, where he focuses his practice on the tax aspects of complex business transactions, including acquisitions, joint ventures, IPOs, LLC agreements, incorporation of partnerships and general tax advice and planning. His clients are engaged in financial services, energy, and manufacturing, among other industries.
Mr. Evans is a frequent lecturer and speaker at tax-related seminars and conferences and has written numerous articles relating to his area of practice. He co-authored the article "A Guide to Health Savings Accounts," and a "Plea for Practicality," which appeared in Tax Notes in February 2004.
In addition to being a partner at Kirkland & Ellis, Mr. Evans worked as Associate Tax Legislative Counsel for the U.S. Department of the Treasury's Office of Tax Policy from 1985 to 1987. He followed this position with one as a Professor of Law at the University of Texas School of Law. During his eleven-year tenure (1989-2001), the University awarded him the Texas Excellence in Teaching Award in both 1991 and 1997 and the Kugle, Byrne & Alworth Ethics Teaching Award in 1993.