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    Jun

    Buying & Selling Partnership/LLC Interests: Opportunities and Pitfalls

    12 PM EDT

    Real estate is often owned by a partnership or LLC and transfers are often done by selling an interest in the partnership or LLC rather than the real estate itself. There are unique tax opportunities and pitfalls for sellers and buyers that real estate lawyers need to be aware of before the sale takes place.

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      06/11/2027

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      06/11/2026

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      06/11/2029

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      06/11/2026

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      06/11/2025

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    • General

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      06/11/2026

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    • General

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      Available for credit

      1.50 credit hours

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      06/11/2027

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    • General

      Status:

      Applied for upon completion

      1.50 credit hours

      Available until:

      06/11/2027

    1.50 total credit hours including

    • General

      Status:

      Applied for upon completion

      1.50 credit hours

      Available until:

      12/31/2024

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    • General

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      Applied for

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      06/11/2025

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    • General

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      Approved

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      06/11/2027

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      06/11/2027

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      06/11/2027

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      Applied for

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      06/11/2027

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    • General

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      Approved

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      06/11/2025

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    Topics we will discuss include:

    • Tax elections for purchasers and the estate of a deceased partner to obtain a basis step-up in the partnership/LLC assets; impact if structure as a redemption

    • Obtaining capital gain on sale and impact of allocation of purchase price and "hot assets rule"

    • Tax and withholding obligations if seller is a "non-US person".

    • Protection from tax audit to prevent the partnership from having to pay the IRS for tax assessments

    • Overview of partnership/LLC provisions that can affect the purchaser including need for "tax distributions"

    • Real estate transfer tax exposure on controlling interest transfers. 

    The ABA will seek 1.5 hours of CLE credit in 60-minute states, and 1.8 hours of CLE credit for this program in 50-minute states. Credit hours are estimated and are subject to each state's approval and credit rounding rules. Please visit www.americanbar.org/mcle for general information on CLE at the ABA.

    Scholarships

    Financial scholarship applications are available for this program. To request an application, please fill out the form here. For any questions about the process please email [email protected].

    Event Details

    Duration

    90

    Format

    Webinar

    Date

    Jun 12, 2024

    2024-06-12T12:00:00-04:00 2024-06-12T13:30:00-04:00 Buying & Selling Partnership/LLC Interests: Opportunities and Pitfalls

    Real estate is often owned by a partnership or LLC and transfers are often done by selling an interest in the partnership or LLC rather than the real estate itself. There are unique tax opportunities and pitfalls for sellers and buyers that real estate lawyers need to be aware of before the sale takes place.

    Speakers

    Eric Sloan

    Gibson Dunn & Crutcher LLP

    Jennifer Sabin

    Gibson Dunn & Crutcher LLP

    Mark Mullin

    Shartsis Friese LLP

    Michael Hirschfeld

    Andersen Tax

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