8:30 – 9:00 a.m.

CHECK-IN & CONTINENTAL BREAKFAST

9:00 – 9:15 a.m.

WELCOME & INTRODUCTION
– Christina L. Cook

9:15 – 10:15 a.m.

Individual and Business Update: Current Federal Cases and Rulings
Tom will discuss court cases and IRS rulings, notices and regulations issued over the past year that should be of particular interest to tax practitioners. Rather than an in-depth discussion of a particular technical area, his presentation will focus on a wide variety of tax topics utilizing a question and answer format that is intended to give the participants a general sense of the direction taken by the courts and the IRS.
– Thomas P. Ochsenschlager

10:15 – 10:30 a.m.

BREAK

10:30 – 11:45 a.m.

Individual and Business Update: Current Federal Cases and Rulings
Tom will continue his discussion of court cases and IRS rulings, notices and regulations issued over the past year that should be of particular interest to tax practitioners.
– Thomas P. Ochsenschlager

11:45 – 1:15 p.m.

INSTITUTE LUNCHEON (provided)
Minneapolis Marriott City Center

12:15 – 1:00 p.m.

LUNCHEON PRESENTATION

What’s New and on the Minds of Tax Professionals Today
Ms. Sheppard, Contributing Editor of Tax Analysts and a sought after speaker in the business world, will provide you with thoughtful and entertaining commentary on current developments in the world of tax practice.
– Lee Sheppard

1:15 – 2:15 p.m.

BREAKOUT SESSION A

1) Cancellation of Debt and Foreclosures
Understanding the tax consequences of cancellation of debt and foreclosures for individuals and businesses. Cancellation of debt exclusions and exceptions, understanding the 1099-A and 1099-C, tax computations, and forms completion.
– Alan Gregerson

2) Shelters, Litigation, Penalties, and Economic Substance
Interested in a provocative and practical commentary on the latest tax shelter litigation? Lee Sheppard will present a lively discussion focusing on the impact of economic substance (or the lack thereof) in tax shelter transactions and the assertion of penalties in litigation.
– Lee Sheppard

2:15 – 2:25 p.m.

BREAK

2:25 – 3:25 p.m.

BREAKOUT SESSION B

3) Ethics for Tax Attorneys
1.0 ethics credit applied for
Preparer Penalties – the good, the bad, and the ugly. A brief recap of the changes to Preparer Penalties under 6694 and 6695, as well as the cause and effect of the Preparer’s actions when preparing returns. Plus, Circular 230 for Attorneys – a review of the regulations governing practice before the IRS.
– Kollett A. Kaehlert & David L. Zoss

4) The Use of LLCs in Private Equity Transactions
Private equity groups increasingly prefer to structure buy-out and investment transactions through limited liability companies and to "roll over" existing management into LLCs. Topics will include structuring tax free management roll-overs, the use of profits interests for management incentive equity, umbrella agreements, the use of blocker entities and exit issues.
– Sean P. Kearney

3:25 – 3:35 p.m.

BREAK

3:35 – 4:35 p.m.

BREAKOUT SESSION C

5) 2008 Estate Planning Update
An update on developments in the estate planning field with an emphasis on tax matters. We will review the status and likelihood of federal or state transfer tax legislation, and planning for the certainty that all this will change. We will discuss current planning for the changing rules, and the challenges of a decoupled federal and state transfer tax system. The presentation will include an overview of significant statutory and case law developments in the tax aspects of estate and trust planning and administration.
– Scott M. Nelson

6) Significant Multistate Sales Tax and Income Tax Developments
This discussion will highlight recent multistate sales and income tax developments. Included will be a review of recent changes in the corporate income tax regimes in Michigan, Ohio, and Texas. There will also be a review of the decisions issued by the U.S. Supreme Court and an update on the status of current developments involving the Streamlined Sales and Use Tax Agreement. Plus, there will be discussion about the provisions and the current status of two proposed federal bills (1) providing a minimum nexus standard for state business taxes and (2) limiting the ability of a state to impose income taxes on nonresidents who are temporarily working in the state.
– Dan Bartholet & Dale H. Busacker

7) Partnership Update
This session will review and discuss the past year’s tax law changes, new regulations, cases, and pertinent rulings that impact entities taxed as a partnership. The discussion will focus on how these changes might impact the typical small and middle market businesses being served by most practitioners.
– Joseph F. Schlueter

4:35 p.m.

INSTITUTE RECEPTION
Join us for complimentary food, drinks, and great PRIZES! We will be collecting your business cards at the reception for a drawing at 4:50 p.m. Be there to win a complimentary registration to next year’s Tax Institute, gift certificates for your favorite stores and services, and more! Must be present to win.

Wednesday, December 3

8:10 – 8:40 a.m.

CONTINENTAL BREAKFAST

8:40 – 9:40 a.m.

Minnesota Tax Law Update
An overview of the major tax changes from this year’s legislative session as well as significant Minnesota tax cases and policy developments.
– Jerome A. Geis & Tamar N. Gronvall

9:40 – 9:50 a.m.

BREAK

9:50 – 10:50 a.m.

BREAKOUT SESSION D

8) Under the Rainbow: Now What?
The panel will discuss the Under the Rainbow case, the current moratorium, the proposed legislation and predictions for legislative outcomes and future impact on the nonprofit community as a result of the case.
– Daniel J. Biersdorf & Lance Staricha
– Gina B. DeConcini, moderator

9) Mergers and Acquisitions Update
Statutory, regulatory and judicial mergers and acquisitions tax developments of the past year will be reviewed in this session. Expected topics include: recent judicial developments regarding personal goodwill, proposed regulations under Section 355 addressing the active trade or business requirement, Revenue Ruling 2008-25 addressing the application of the step-transaction doctrine in the reorganization context, potential developments regarding the capitalization of transaction costs, and the final remote continuity regulations under Section 368.
– Thomas W. Garton & Robert J. Stuart

10:50 – 11:00 a.m.

BREAK

11:00 – 12:00 p.m.

BREAKOUT SESSION E

10) S Corporations – Update and Planning Opportunities
An analysis of the most current regulations, rulings, cases and legislation that affect S corporations and subsequent planning opportunities.
– Jack S. Carlson

11) Elimination of Bias: A Report from the Task Force on Diversity in the Legal Profession
1.0 elimination of bias credit applied for
The top findings of the Diversity Task Force Report on diversity in Minnesota’s Legal Community.
– Chief Judge George Perez Minnesota Tax Court

12:00 p.m.

CONFERENCE ADJOURNS