William & Mary Law School’s 58th Annual Tax Conference

November 7-9, 2012

Williamsburg, VA

Three Richmond partners from McGuireWoods’ Tax and Employee Benefits department spoke at William & Mary Law School’s 58th Annual Tax Conference on Nov. 7-9. McGuireWoods was a sponsor of the event.

Craig Bell was part of the “Virginia Hot Topics” panel discussion surveying recent cases, rulings, legislation and developments of interest in the area of Virginia taxation. He also moderated the panel discussion “Setting the Statute of Limitations in Home Concrete”  that analyzed the recent U.S. Supreme Court decision U.S. vs. Home Concrete Supply, which settled a split in the U.S. Court of Appeals on when the IRS may successfully assert application of the six-year statute of limitations in a tax dispute.

In “Partnership Introduction,” Bob McElroy and Tom Rohman provided a primer on partnership (including LLC) taxation, including formation and contributions of built-in gain or loss property; tax accounting for operations; allocations of gain or loss; partnership liabilities; partner-partnership transactions; transfers of partnership interests; distributions; and death or retirement of a partner.

Bob was also a co-presenter on “Introduction to M&A Taxation: Traps for the Unwary When Acquiring an S Corporation,” which addressed traps that may be discovered during due diligence for the acquisition of the stock of an S corporation by another corporation and how to deal with them.