Gain insights into how Section 382 specifically limits a corporation’s ability to offset taxable income with NOLs following a change in ownership.
A corporation’s ability to offset future federal income tax income with net operation losses or credits can be challenging as there are several tax rules designed to limit the availability of the NOLs. In particular, Section 382 limits a corporation’s ability to offset taxable income with its NOLs after a change in ownership. Our panel of nationally recognized experts will provide a practical overview of the Section 382 rules while highlighting current topics. We will also provide an overview of the 382 rules in the context of emerging from a Chapter 11 bankruptcy.
Learning Objectives
- You will be able to understand the concept of net operating losses (NOLs) and their significance in a corporation’s ability to offset future federal income tax income.
- You will be able to acquire a practical overview of the Section 382 rules from a panel of nationally recognized experts.
- You will be able to explore current topics related to Section 382 and understand their implications on a corporation’s tax strategy.
- You will be able to develop an understanding of how Section 382 rules apply in the context of emerging from a Chapter 11 bankruptcy.
Agenda
- Introduction to the Rules of 382
- Treatment of Equity Instruments Under 382
- Aggregation Rules
- Segregation Rules
- Exceptions
- Calculating the 382 Limitation
- Built-in Gain and Loss Rules
- Application of Notice 2003-65
- Proposed Built-in Gain Regulations
- Section 382 Rules in Bankruptcy
Speakers
Todd B. Reinstein,
Forvis, LLP- Partner in the Federal Tax Specialty Services of the law firm Forvis
- Focuses practice on general tax matters, including Section 382 studies, earnings and profits calculations, and corporate tax controversy issues
- Chair of AICPA corporate tax technical resource committee
- B.S. degree in management, Tulane University; M.S. degree in Accountancy, Nova Southeastern University; LL.M. degree in taxation, Georgetown University Law Center
Clay Wesbrook,
Forvis, LLP- Senior Manager in the Federal Tax Specialty Services of the law firm Forvis
- Focuses on tax mergers and acquisitions, corporate tax compliance, tax accounting (ASC 740), and tax consulting
- Areas of expertise include transaction consulting, research and development credits, purchase accounting, and bankruptcy tax planning
- Specializes in corporate loss limitation studies under §382, golden parachute payment calculations under §280G, transaction cost analyses, and transaction modeling
- Member of the American Institute of CPAs and the South Carolina Association of CPAs
- M.S. degree in Accountancy, The University of North Carolina at Chapel Hill; B.S. degree in business administration, The University of North Carolina at Chapel Hill
- Licensed CPA in South Carolina
Who Should Attend
This live webinar is designed for accountants, CPAs, controllers, CFOs, tax managers, finance directors, presidents, vice presidents, bookkeepers, enrolled agents, tax preparers and attorneys.
