Taxing Joint Ventures: Maximizing Profits Extraction, Partnership vs. Corporation, Proposed FASB ASU on JV Formations
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will review the tax considerations of joint ventures (JVs). Our panel of flow-through experts will explain what constitutes a JV, discuss when a JV should be taxed as a corporation vs. a partnership, and provide scenarios that point out missteps to avoid and ways to limit taxes paid by JV participants.
Outline
- Joint ventures: an introduction
- Structuring
- Asset contributions
- Extracting profits
- FASB ASU on JV formations
- Joint ventures involving tax exempt orgs
- Use of Corporate Blocker, section 168(h) election
- State tax and other issues
- Examples
Benefits
The panel will cover these and other critical issues:
- Key differences between partnerships and JVs
- When a JV should consider making an election to be taxed as a corporation
- Varying state treatment of JVs
- Specific scenarios detailing the tax consequences of JVs
Faculty
David A. Gilbert
Of Counsel
Blank Rome
Mr. Gilbert represents domestic and international clients in a wide range of federal, state, and local tax matters. He... | Read More
Mr. Gilbert represents domestic and international clients in a wide range of federal, state, and local tax matters. He advises publicly-traded and private corporations, partnerships, funds, tax-exempt organizations, and individuals on various matters, including those arising in:
taxable and tax-free mergers and acquisitions
divestitures, restructurings, spin-offs, redemptions, and liquidations
inbound and outbound investments
formation, operation, and acquisition of limited liability companies, partnerships, and Subchapter S corporations
real estate transactions
financings
tax controversies
Mr. Gilbert also has experience advising private equity and hedge fund sponsors on the tax aspects of fund formation as well as representing institutional investors in connection with joint ventures and other investments.
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Justin Ortego
Managing Director
BDO USA
Mr. Ortego serves as a managing director for BDO’s Accounting & Reporting Advisory Services group... | Read More
Mr. Ortego serves as a managing director for BDO’s Accounting & Reporting Advisory Services group (“ARAS”). As a member of BDO’s ARAS group, he focuses on assisting companies with matters related to technical accounting and financial reporting under U.S. GAAP, IFRS, and other bases of accounting. Mr. Ortego has over 14 years of technical accounting and financial reporting experience. His experience in accounting and financial reporting matters includes, among other topics, the implementation of ASC 842/IFRS 16, Leases, and ASC 606/IFRS 15, Revenue from Contracts with Customers, IFRS conversions, preparation of financial statements and other Securities and Exchange Commission filings, systems ERP conversions, accounting for business combinations, long-lived asset impairment analysis, debt modifications and consolidation. In addition, Mr. Ortego has extensive experience in the performance of both private and public company audits.
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Michael I. Sanders
Partner
Blank Rome
Mr. Sanders focuses his practice in the area of taxation, particularly in matters affecting partnerships, limited... | Read More
Mr. Sanders focuses his practice in the area of taxation, particularly in matters affecting partnerships, limited liability companies, S-corporations, real estate, tax controversy, and estate planning, including trusts and estates. He also has a large practice in the area of exempt organizations involving healthcare and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit ("NMTC") and Historic Tax Credit ("HTC") transactions. He is the author of Joint Ventures Involving Tax-Exempt Organizations (3rd Ed., 2007; 4th Ed., 2013) which was recently cited by the majority opinion in the widely covered U.S. Supreme Court decision in Burwell v. Hobby Lobby Stores, Inc. He previously served as an attorney-advisor to the assistant secretary of tax policy at the Office of Tax Legislative Counsel.
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