Friday, MAY 31 - Sunday, June 2, 2019
Tax Section SPRING MEETING
THE WEQUASSETT RESORT

2173 ROUTE 28
HARWICH (CAPE COD), MASSACHUSETTS


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NEW YORK MCLE CREDITS:  UP TO 7.5  – Regular Programming offers 6.0 credits in Areas of Professional Practice.  The optional luncheon program offers an additional 1.5 credits in Areas of Professional Practice. This is NOT a transitional program and is NOT suitable for MCLE credit for newly admitted attorneys.

MEETING AGENDA

FRIDAY, MAY 31
6:30 – 7:30 p.m.
Welcome Cocktail Reception  – Outer Bar & Grille

7:30 pm
Dinner on Your Own

SATURDAY, JUNE 1
8:00 a.m.  –  12:00 p.m.                 
Registration – Cape Villa Foyer  

8:30 –  10:00 a.m.               
Continental Breakfast – Cape Villa Foyer  

9:00 a.m. – 12:00 p.m.   
GENERAL SESSION – Cape Villa 1 & 2

9:00 – 9:10 a.m.                                 
Tax Section Welcome
Deborah L. Paul, Esq., Section Chair

9:10 – 10:30 a.m.              
Pass-Through and Group Concepts after the Tax Cuts and Jobs Act of 2017
Numerous provisions of the Tax Cuts and Jobs Act and recent regulations present challenges for pass-through entities and groups of related taxpayers, including consolidated groups.  For example, the interest limitations under Section 163(j) are applied at the partnership level, rather than at the partner level.  Additionally, the TCJA contains numerous provisions governing transactions among related parties that, in one way or another, treat those entities as if they were a single taxpayer.  This panel will consider some of these challenges, including, among other topics, treatment of pass-throughs and groups under the Section 163(j) interest limitations; application of the rules and basis adjustments under Section 965; special issues for related parties arising under, and use of pass-throughs to manage, GILTI; and taxation of members of pass-throughs with effectively connected income.

Panel Chair:                                      
Stuart L. Rosow, Esq.
Proskauer Rose LLP
New York City

Panelists:           
Andrew M. Herman, Esq.
Ernst & Young LLP
Washington, D.C.                             

Adam Kool, Esq.
Kirkland & Ellis LLP
New York City

Clifford M. Warren, Esq.
Senior Level Counsel, Associate Chief Counsel (Passthroughs)
Internal Revenue Service
Washington, D.C.

10:30 – 10:45 a.m.           
Refreshment Break

10:45 a.m. – 12:00 noon                
International Comity after the Tax Cuts and Jobs Act of 2017 (Part I)
Our two panels on international comity will discuss how the United States’ tax regime fits within the international tax landscape after enactment of the Tax Cuts and Jobs Act of 2017.  With the new quasi-territorial quasi-pass through system enacted by the Tax Cuts and Jobs Act as well as the international movement to address base erosion and profit shifting and an ever more global economy, the United States’ tax regime confronts a host of new technical and big-picture issues in relation to tax regimes of other jurisdictions.  Topics may include the BEAT, GILTI, hybrid transactions, foreign tax credits, Section 163(j), Section 245A, tax treaties and tax recommendations of the Organisation for Economic Co-operation and Development. 

Panel Chair:                                      
Lawrence M. Garrett, Esq.

Ernst & Young LLP
Washington, D.C.

Panelists:                                           
John J. Merrick, Esq.
Senior Level Counsel, Associate Chief Counsel (International)
Internal Revenue Service
Washington, D.C.

Michael T. Mollerus, Esq.
Davis, Polk & Wardwell LLP
New York City

Ansgar A. Simon, Esq.
Covington & Burling LLP
New York City

12:00 noon – 1:30 p.m.  
State & Local Tax Committees Luncheon and CLE
(Registered Attorneys Only)
  PREREGISTRATION IS REQUIRED.
CLE program runs from 12:15 - 1:30 pm.
                       
New York State Taxation of GILTI
Under current law, the net amount of GILTI is included in entire net income under Article 9-A of the Tax Law and is, accordingly, subject to tax for New York State corporate income tax purposes.  New York State has acknowledged that, where such amount is taxable business income, it should be included in the business apportionment factor to properly reflect the taxpayer’s business income and capital in the state.  Pending legislation would require that the net amount of GILTI be added to the denominator of the apportionment fraction, with zero added to the numerator.  This panel will explore the nature of GILTI income for federal and state income tax purposes, discuss whether New York should decouple from the taxation of GILTI, and analyze the appropriateness of various sourcing methods should GILTI remain in the tax base for New York State tax purposes.

Panel Chair:                                      
Jack Trachtenberg, Esq.
Deloitte Tax LLP
New York City

Panelists:           
Kimberly S. Blanchard, Esq.
Weil, Gotshal & Manges LLP
New York City
 
Elizabeth T. Kessenides, Esq.
Federal Reserve Bank of New York
New York City
                               
Irwin M. Slomka, Esq.
Morrison & Foerster LLP
New York City

OPTIONAL AFTERNOON  ACTIVITIES

2:00 – 4:00 p.m.
CHATHAM SHELLFISH COMPANY OYSTER FARM TOUR AND TASTE
Join us as we set off aboard an oyster barge from the company’s historic facility on the scenic Oyster River and proceed up to Oyster Pond to Chatham’s only oyster farm. Learn about the painstaking work and elaborate process of farming oysters and what it takes to bring these delicacies to your plate. We will even harvest some of our own oysters to enjoy at our private raw bar at the tour conclusion! Catch the shuttle from the hotel lobby at 2:00 p.m. sharp. Preregistration required.  $130 per person.

2:00 – 5:00 p.m.                                 
PRIVATE WHALE WATCH, Departing from end of Wequassett Resort’s Dock

Create your own National Geographic moment!  Enjoy an intimate encounter at eye level with these gentle giants. The most common sightings include Humpback, Finback and Minke whales. We may also spot dolphins, porpoise, gannet birds and possibly even a Great White Shark! Ages 8 and older.  Dress warm as it can be cool on the water.  $105 per person.  Preregistration required.  

6:30 – 10:00 p.m.
Cocktail Reception & Dinner at The Beach House at Chatham Bars Inn  297 Shore Road, Chatham
Enjoys cocktails on the terrace steps away from the Atlantic Ocean. We will move inside for dinner.  Meet in lobby for shuttles – we will make two trips to the Inn at 6:15 pm sharp and 6:25 pm.  Preregistration required.

SUNDAY JUNE 2
8:00 – 9:00 a.m.                                
Executive Committee Breakfast Meeting – Cape Villa 3

8:45 a.m.  –  12:00 p.m.                 
Registration – Cape Villa Foyer 

8:30 – 10:00 a.m.                                
Continental Breakfast – Cape Villa Foyer 

9:15 a.m.  –  12:00 p.m.                 
GENERAL SESSION -
Cape Villa 1 & 2

9:15 – 10:30 a.m.              
International Comity after the Tax Cuts and Jobs Act of 2017 (Part II)
Our two panels on international comity will discuss how the United
States’ tax regime fits within the international tax landscape after enactment of the Tax Cuts and Jobs Act of 2017.  With the new quasi-territorial quasi-pass through system enacted by the Tax Cuts and Jobs Act as well as the international movement to address base erosion and profit shifting and an ever more global economy, the United States’ tax regime confronts a host of new technical and big-picture issues in relation to tax regimes of other jurisdictions.  Topics may include the BEAT, GILTI, hybrid transactions, foreign tax credits, Section 163(j), Section 245A, tax treaties and tax recommendations of the Organisation for Economic Co-operation and Development.

Panel Chair:                                      
Diana L. Wollman, Esq.
Cleary Gottlieb Steen & Hamilton LLP
New York City

Panelists: 
Steve Edge, Esq.
Slaughter and May
London, England

Andrew R. Walker, Esq.
Milbank LLP
New York City

Peter H. Blessing, Esq.
Associate Chief Counsel, Office of Chief Counsel (International)
Internal Revenue Service
Washington, D.C.

10:30  –  10:45 a.m.         
Refreshment Break 

10:45 – Noon     
Opportunity Zones – What Fund Managers, Investors and Developers Should Know
Join us to discuss the new opportunity zone program, the tax benefits it offers and the challenges fund managers, investors and developers face when investing and structuring qualified opportunity funds. The panel will not only cover the existing rules and any new developments but will also share the practical challenges and common pitfalls associated with the program. Among the topics that will be explored are single and multiple asset funds, one or two tier structures, related party acquisitions, treatment of leases, treatment of promotes, investment in LIHTC deals, dealing with phantom income, exit strategies as well as other topics.

Panel Chair:                                      
Michael B. Shulman, Esq.
Shearman & Sterling LLP
New York City

Panelists:
Daniel Z. Altman, Esq.                                  
Sidley Austin LLP
New York City

Julie Hanlon Bolton, Esq.
Special Counsel, Associate Chief Counsel (Income Tax & Accounting)
Internal Revenue Service
Washington, D.C.

David S. Miller, Esq.
Proskauer Rose LLP
New York City

Krishna Vallabhaneni, Esq. 
Acting Tax Legislative Counsel
Department of the Treasury
Washington, D.C


Questions on this Program?  Contact Catheryn Teeter, 518-487-5573 or cteeter@nysba.org