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Tax & Business Update: Redemption Agreements, Partnerships, Non-competes, & More

TAX & BUSINESS UPDATE: REDEMPTION AGREEMENTS, PARTNERSHIPS, NON-COMPETES, & MORE

Cost Free
Presentation Length 2.0 hours

Recorded DateAugust 30, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelIntermediate
Course Description

In June of 2024, the U.S. Supreme Court ruled unanimously on the case Connelly v. United States where life insurance proceeds used to fund a redemption agreement in violation of IRC §2703, were considered in valuing the business. Between this course and the recent Huffman case, avoiding a life insurance-funded redemption agreement tends to be more advisable when §2703 applies. This webinar will discuss issues resulting from that ruling and how to use one or more life insurance LLCs to fund a cross-purchase agreement.

In ES NPA Holding, LLC v. Commissioner, T.C. Memo. 2023-55 approved nontaxable issuance of a profits interest. This webinar will also discuss separate partnership income tax issues of profits interests, basis shifting, and a new possible short window for reporting any basis adjustment.

Finally, this course will discuss the FTC's new prohibition against non-compete agreements, deadlines to meet, and how businesses can protect their intellectual property from defections.

Learning Objectives:


  • Evaluate when to use life-insurance-funded agreements and when and how to use cross-purchase agreements

  • Identify nontaxable issuance of profits interests to new partnerships and how that differs from shifting among existing partners

  • Outline IRS attacks on basis shifting transactions and efforts to place short deadlines on reporting at all levels, including routine, non-abusive basis adjustments

  • Evaluate FTC efforts to ban non-compete agreements and how a business can protect its intellectual property that non-competes might otherwise have protected

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.

Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

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About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.


With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.