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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, August 2, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

This course is $0 with these passes:

CPE
ALL

This course will provide tax advisers with a detailed and practical guide to navigating certain planning complexities and opportunities for real estate partnerships. Our panel of real estate experts will analyze the factors that determine dealer status along with recent cases to enable real estate owners and their advisers to report investor or dealer status and properly mitigate IRS challenges. The panel will also cover other important topical real estate partnership tax issues including carried interest, 163(j), and the availability of tax credits under the Inflation Reduction Act.

Faculty

Kimberly Arndt
Tax Counsel
Senate Finance Committee

Ms. Arndt has worked in the real estate industry, advising clients, including public and private REITs, on complex U.S. tax issues, including structuring real estate investments for different investor types as well as advising clients on day-to-day tax matters. She has also worked on various large REIT M&A transactions, REIT conversions, and REIT diligence at both the entity and asset level for both traditional and non-traditional REIT assets. During her time at PwC, Ms. Arndt has been deeply involved in digitizing REIT diligence tools such as the annual REIT checklist and property service questionnaires, as well as web-based project management tools to track these surveys.

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Adam Feuerstein
Principal, National Real Estate Tax Technical Leader
Pricewaterhouse Coopers LLP LLP

Mr. Feuerstein is the National Real Estate Tax Technical Leader at PricewaterhouseCoopers, LLP and, in that role, he helps clients navigate the complicated tax world in which we live. Mr. Feuerstein brings his experience and passion (yes, passion for tax) to help clients see the big picture from a tax perspective, while at the same time keeping an eye on the important details necessary to achieve the client’s particular objectives. Clients often comment that he has a keen ability to convey complicated tax concepts and that he is approachable and easy to work with.

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Description

From the formation of the entity, ownership and holding purpose affect how the income, deductions, gain, and loss are characterized, allocated, and reported among various partners. Real estate partnerships carry a myriad of tax considerations, which tax professionals must identify to serve their LLP and LLC clients.

Recent legislation provided new energy incentive tax credits that provide benefits for real estate partnerships. This panel will kick off with an overview of the new tax credits and how they can be utilized by real estate partnerships.

Among the many planning and reporting challenges is determining whether property is characterized as dealer property. Property that is treated as dealer property has significant tax implications because income recognized on the disposition of property that is not “dealer property” can qualify for favorable long-term capital gains rates, whereas gain from the sale of dealer property is taxed as ordinary income.

Other challenges for real estate partnerships include determining the impact of the carried interest regulations on the real estate partnership, whether the partnership qualifies for the 199A passthrough deduction, and whether the partnership can elect out of 163(j), the interest expense limitation.

Listen as our experienced panel provides a detailed and advanced look at the complexities of real estate partnership tax considerations and discusses some of the planning techniques available to avoid negative tax consequences that may arise in real estate partnerships.

Outline

  1. The Inflation Reduction Act and energy incentive tax credits
  2. Tax criteria and consequences of dealer property
  3. Carried interest
  4. Section 199A – passthrough deduction for qualified business income
  5. Section 163(j)--interest deduction limitations

Benefits

The panel will review these and other important issues:

  • Tax credits under the Inflation Reduction Act
  • When to advise partnerships holding real estate assets to avoid dealer classification
  • Planning structures that help reduce the amount of gain taxed at ordinary income
  • Utilizing the 199A passthrough deduction
  • Electing out of the 163(j) interest limitation

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify and handle the tax reporting issues specific to real estate partnerships
  • Determine tax consequences of dealer status
  • Decide when installment sale treatment is available for real property
  • Ascertain tax differences between investment or dealer status

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).