Reading and Understanding a Partnership Agreement
1 PM GMT
A partnership agreement is the main document that sets forth the economic deal of the parties (e.g., the operating and liquidating distribution provisions) and how the parties will share economic income, which also dictates generally how the parties share taxable income. The panel will identify key provisions in a sample partnership agreement that affect the economic and tax treatment of the partners and will examine the major tax-focused provisions in the partnership agreement with a goal of understanding why those provisions are in the partnership agreement. The panel will also compare and contrast the difference between so-called “layer-cake” versus “targeted” allocations by showing examples of two different allocation and two different liquidation provisions in the agreement — one for “layer cake” allocations and one for “targeted” allocations.
Noel Brock, Assistant Professor, West Virginia University, Morgantown, WV
Grace Kim, Principal, Grant Thornton LLP, Washington, DC
Timothy J. Leska, Partner, Pepper Hamilton LLP, Philadelphia, PA
PLEASE NOTE: To receive CLE credit, each individual attendee must be logged into the webinar interface for the ENTIRE program (including the Q&A). Partial credit is not available for this program. Please see the CLE Informaton page for more details.
$75 Section of Taxation Members
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$125 Young Lawyers
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$195 All other registrants
FREE Full-time J.D., LL.M., or M.T. Candidates (No CLE Credit/Webcast Only)
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