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Sales Between Trusts; Writing Off Business Interests; Partnership Audit Rule Update


This trifecta of topics, drawn from Steve Gorin’s 4th quarter 2020 newsletter, starts with an advanced estate planning discussion then provides basic income tax tips for helping business owners. 

The first half of the webinar, “Sales Between Trusts,” explores whether gift tax reporting can provide safety or finality, explores GST issues, and considers alternatives. Registrants may benefit from prior or later review of the instructor’s course in “Formula Transfers For Estate Planning” and its follow-up course, “Beneficiary Deemed-Owned Trusts,” found at his CPA Academy webpage

“Loss for Worthless Business” explores if a business becomes worthless, how to document the loss, when to deduct it, and how to report it. 

“Partnership Audit Rules” updates the instructor’s prior course on the topic, to account for regulations and pronouncements that dramatically affect how one looks at the rules. We will discuss how the rules work and go through a sample operating agreement provision describing how one might approach drafting to address this topic. 

The live presentation of this webinar was approved for 1.5 hours of general CLE credit in California and Illinois and 1.8 hours of general CLE credit in Missouri. CLE credit is no longer available for this recording.

Steve Gorin

Please note that this is a 90-minute webinar

For technical materials supporting the slides, please see Steve's newsletter.

Steve's current materials, Structuring Ownership of Privately-Owned Businesses: Tax and Estate Planning Implications, are available by emailing sgorin@thompsoncoburn.com.


Originally Presented:
January 26, 2021