A Complete Tax Guide to Exit Planning (EXP2)
2.00 Credits
Member Price $100
Non-Member Price $100
Overview
When exit planning, it is important to weigh various issues, including tax implications, to achieve an effective management and/or ownership change. Many envision tax-free reorganizations being the most preferable structure to avoid capital gains tax, but the opportunities come at a cost to the seller. This course will provide a well-rounded discussion of the various strategies to consider when advising on exiting a business.
Highlights
- Gain exclusion and tax-free reorganization planning
- Gain exclusion with sales of C corporation stock - Section 1202
- Deferral of gain with installment reporting
- Gain planning with partnerships
- Basis planning - basis step-up at death, gifts of interests to family
- Restructuring the business entity - C vs. S corporation, partnerships, LLCs
- Real estate planning - retention vs sales, like-kind exchanges
- Employee stock ownership plans - special tax incentives
- Employee benefit planning with ownership change
- Taxes other than the federal income tax - state tax, estate, gift and generation-skipping taxes, and property taxes
- Prospects for tax law change
Prerequisites
Basic knowledge of tax issues and entity structures
Designed For
CPAs in industry and public accounting who want to gain an understanding of exit planning considerations for their clients
Objectives
- Understand key issues regarding exit planning
- Discuss tax implications of exit planning strategies
- Compare exit planning between entity types (C corporations, S corporations, partnerships, etc.)
Leader(s):
Leader Bios
Gregory Carnes, AICPA
Dr. Gregory Carnes, CPA serves as Dean of the College of Business at the University of North Alabama. He came to UNA in 2007 as the Raburn Eminent Scholar of Accounting. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy and Secretary of the American Taxation Association.
Dr. Carnes has also served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers and The CPA Journal.
He is a contributing author on South-Western Federal Taxation: Individual Income Taxes, a popular textbook used in undergraduate taxation courses. He also authors material for Wiley/CPA Excel, one of the nation’s leading CPA Review courses. He has also provided tax training for national accounting firms and the AICPA. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs and the American Taxation Association.
Non-Member Price $100
Member Price $100