RPTE eReport - Feb 2010

A Bi-Monthly Electronic Publication for Section Members
February 2010

Section News

Be sure to join us for the 21st Annual Spring Symposia in Philadelphia, from May 6-7. For a message from Roger Winston, Section Chair, and for more information, click here.

RPTE Business Planning Group Participates in IRS Hearing on Appraiser Penalties under Code Section 6695A. To view details, click here.

Join us in New York City for the Skills Training for Estate Planners CLE Program, July 12-16. This very popular program sells out quickly, so early registration is advised.
To view the brochure, click here.

Participate in Section groups and committees for opportunities to work on legislative issues, collaborate with your colleagues across the country and participate in free conference calls. Click here for more.

Trust and Estate News

Real Property News

real property

Trust & Estate News

Garnett v. Comm'r and Thompson v. United States --Two recent cases addressed whether members of LLCs or partners in LLPs should be treated as limited partners in limited partnerships for purposes of the § 469 passive activity income tax rules.
C. Fred Daniels and William S. Forsberg

IRS Notice 2010-19 Guidance for Persons Making Transfers in Trust after December 31, 2009 or
"What Rath Has Estate Tax Repeal Raught!"
William S. Forsberg

Montana Becomes Third U.S. State To Allow Physician Aid In Dying
Kristine S. Knaplund

A Matter of Trust
Sharon L. Klein

IRS Chief Counsel Advice 200937028--Chief Counsel rejects position that assets of a Grantor trust receive §1014 basis adjustment on Grantor's death.
James D. Spratt, Jr.

Price v. Commissioner, T.C. Memo. 2010-2
Gifts of Limited Partnership Interests Fail to Qualify for Annual Exclusion
Steve R. Akers

trust and estate

Real Property News

Equitable Subordination in Bankruptcy: An Analysis of In re Yellowstone
John C. Murray
There is no better way to venture into the world of distressed real estate than with Jack Murray as your guide. Take a tour through this article for a helpful overview of the application the doctrine of equitable subordination - from the Montana Bankruptcy Court's recent decision in the Yellowstone case - and beyond.

Revisions to the 2007 Maryland Opinion Report
Edward J. Levin
In this article Edward J. Levin provides a summary and analysis of recent revisions to the Maryland State Bar's 2007 Report on Lawyers' Opinions in Business Transactions.

Failure to Mediate Leads to Remediation of Moldy Delusional Dispute
Paul Fisher
Paul Fisher covers the twists and turns in an unusual case interpreting a mediation provision included in a settlement agreement arising out of a mediation.

Would you like to write an
article for the eReport?

If you have something to say, and would like your article considered for the eReport, simply email Susan Talley, Editor, at stalley@stonepigman.com for further details.

Technology and Law Practice Management

Don't Miss TechShow 2010
The Real Property, Trust and Estate Law Section is a program promoter of ABA TECHSHOW 2010, a 3-day technology-related seminar hosted by the ABA Law Practice Management Section. Check it out at www.techshow.com and get a special registration discount by using the RPTE program promoter code EP1011. Find out more about this year's ABA TECHSHOW.

CLE Spotlight

Real Property CLE
Should Legal Opinion Letters in Real Estate Transactions Differ from Opinions in Other Business Transactions?
Webcast/Teleconference
Date: February 24, 2010
Time: 1:00 P.M. - 2:30 P.M. Central

Trust and Estate CLE
Low-Profit, Limited Liability Companies: Facilitating Program Related Investments by Your Private Foundation Clients
Webcast/Teleconference
Date: March 2, 2010
Time: 12:00 P.M. - 1:30 P.M. Central

Group & Committee News

committee spotlight
Business Planning Group

The Business Planning Group is looking for participants to present in its monthly conference calls. The calls are the first Wednesday of each month. For more information, click here.

TRUST & ESTATE
Income and Transfer Tax Planning Group
The Income and Transfer Tax Planning Group is growing, but always needs volunteers to help with projects. The Group is also planning an interesting set of presentations for the Spring Symposia in Philadelphia. Click here for more.

Real Property
Commercial Real Estate Transactions Group
The Commercial Real Estate Transactions Group continues to serve its members with monthly teleconferences dealing with timely topics. Click here to read more.

Young Lawyers Network

Become involved in the substantive work of the Real Property, Trust and Estate Law Section by applying for the 10th Annual Fellows Program.

Law Students

Let the 2010 Law Student Writing Contest be your opportunity for recognition. To find out more, click here.

Join a Committee Today!

RPTE members can join a group or committee (or several) online here. For questions regarding membership, contact the Section at (312)988-5651 or email Bunny Lee at Bunny.Lee@americanbar.org.

New Book from RPTE

Real Estate Opinion Letter Practice
Robert A. Thompson

Real Estate Opinion Letter Practice, written by Robert A. Thompson, provides guidance and training for younger lawyers, to whom the preparation, review and negotiation of opinions is often delegated, as well as for more experienced practitioners. Chapter 2 provides the most detailed and comprehensive analysis yet published of the theories and standards of legal liability and professional responsibility that govern the preparation and enforcement of all legal opinions, a subject of increasing concern to lawyers, law firms and their professional liability insurers. The book also identifies the due diligence process and quality control procedures that should be undertaken to support the issuance of real estate and business law opinions alike.

FOR OFFLINE READING:
- PDF version - print the whole issue
- PDF of Trust and Estate articles only
- PDF of Real Property articles only

About RPTE eReport

The RPTE eREPORT is the bi-monthly electronic publication of the Real Property, Trust and Estate Law Section. It includes practical information for lawyers working in the real property and estate planning fields, together with news on Section activities and upcoming events. RPTE eREPORT also provides resources for young lawyers and law students to succeed in the practice of law. For further information on RPTE eREPORT or to submit an article for publication, please contact: Susan Talley (Editor) at stalley@stonepigman.com; Cheryl Kelly (Real Property Editor) at CKELLY@thompsoncoburn.com; Robert Steele (Trust and Estate Editor) at steele@whafh.com; or Michael Goler (Managing Editor Emeritus) at Goler@MillerGolerFaeges.com. We welcome your suggestions and submissions.

The materials contained herein represent the opinions of the authors and editors and should not be construed to be those of either the American Bar Association or The Section of Real Property, Trust and Estate Law unless adopted pursuant to the bylaws of the Association. Nothing contained herein is to be considered as the rendering of legal advice for specific cases and readers are responsible for obtaining such advice from their own legal counsel. These materials and any forms and agreements herein are intended for educational and informational purposes only. The authors and other contributors to RPTE eREPORT are solely responsible for the content of their submissions, including the accuracy of citations to legal resource materials.