Defined Value Transactions
A 2-Part Program
We have turned to two of the nation’s renowned estate planning professionals, L. Paul Hood, Jr., JD, LL.M. and Robert Keebler, CPA/PFS, MST, AEP (Distinguished) to put together this very timely presentation entitled “Defined Value Transactions: A 2-Part Program”. In this 2-part program Paul and Bob will review defined value gift/sale clauses after the fifth circuit affirms Nelson, and the best practices in drafting, executing, and reporting defined value gifts/sales documents.
PART 1: THOSE TEN MISSING WORDS – DEFINED VALUE GIFT/SALE CLAUSES AFTER THE FIFTH CIRCUIT AFFIRMS NELSON
In this 95-minute program, longtime co-presenters Bob Keebler and Paul Hood will extensively analyze the Fifth Circuit’s recent affirmance (No. 20-61068 (5th Cir. Nov. 3, 2021)) of the Tax Court’s opinion in Nelson v. Comr., T.C. Memo 2020-81 and the lessons to all planners who use defined value gift/sale clauses. They will also review all of the important cases and rulings involving defined value transfers beginning with the Fourth Circuit’s Procter decision in 1944 and going up to the present with the Wandry and Nelson Fifth Circuit decisions.
In particular, Bob and Paul will cover:
- What Bob and Paul believe are defined value strategies that will and won’t work.
- Importance of proper reporting of a defined value transfer
- Types of defined formula value approaches
- Formula allocation clause based on a subsequent agreement of involved parties
- Formula allocation clause based on final values as determined for gift tax purposes
- Price adjustment clause
- Impact of Belk holding (4th Cir. 2014)
- Defined value clauses on IRS 2016-17 Priority Guidance Plan
- Exercising substitution powers using a defined value clause
- Traps to avoid
PART 2: BEST PRACTICES IN DRAFTING, EXECUTING AND REPORTING DEFINED VALUE GIFTS/SALES DOCUMENTS
In this 92-minute drafting boot camp focusing on drafting, executing, and reporting defined value gifts/sales, long-time co-presenters Bob Keebler and Paul Hood (who has written articles and made many presentations about every single defined value gift decision and ruling since the Tax Court’s 2003 decision in McCord v. Comr.) will build on their prior defined value transfers program and are going to focus like a laser beam on the best practices drafting of defined value gifts, defined value sales and defined value gift/sale documents, as well as a review of practical and ethical issues surrounding confection of a defined value gift transaction, including:
- What is a Defined Value Clause?
- Purpose of the Defined Value Clause: Altruism Stops at the Gift Tax County Line!
- Express Authorization for Formulae in the Internal Revenue Code and the Treasury Regulations
- Types of Defined Value Clauses.
- Best Practices for Wandry -Type Transaction
- Suggested Steps for a Transaction Involving a Charity
Bob and Paul will review separate forms that Paul supplied, clause-by-clause, for the following Defined Value documents:
- Gift Document
- Sale Document
- Pledge Agreement
- Gift/Sale Document
- Tax Return/Financial Statement/Loan Application Language Suggestions
Your purchase includes: Downloadable PDF handout materials and MP3 audio recordings. A PDF transcript may be added on for an additional fee during the checkout process.
ABOUT THE SPEAKER
Paul is an author, speaker and consultant on tax, estate and charitable planning. A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. Paul has authored or co-authored nine books and over 500 professional articles on estate, charitable…
CPA/PFS, MST, AEP (Distinguished)
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue…
IMPORTANT NOTICE REGARDING CE CREDIT
The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.
However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.