On January 27 at the 2010 Heckerling Institute on Estate Planning, presenters Richard Robinson, Andrea Chomakos and Steven Gorin led a panel discussion on what estate planners need to know about operating a closely-held business. Beginning with the rules concerning subchapter S corporations, the panelists then turned to issues concerning getting money out of a closely held business, such as unreasonable compensation issues for C corporations, unreasonably low compensation issues for S corporations, and deferred compensation issues. The panel also discussed built-in gain and loss issues in Internal Revenue Code section 704(c), basis adjustment and valuation issues, redemptions under Code section 302 and spinoffs under Code section 355, and the Uniform Principal and Income Act rules as they impact family entities.
See also the American Bar Association's Heckerling Institute reports.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
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