AttorneysAccountAntstrust officersfinAnciAl PlAnnersDeveloPment officersinsurAnce ProfessionAls

Annual

The 2012 Tax Institute is generously supported by:

Tax Institute

The Private Bank

october 26 - 27, 2012Doubletree Hotelmissoula, montana

for more information visit: www.umt.edu/law or call 406.243.5094

60th

s c h e d u l e

friday, october 26, 20127:30 a.m. registration and

continental Breakfast

8:00 - 8:05 a.m. Welcome and introduction

8:05 – 9:35 a.m.the Best estate Planning ideas for married couplesJonathan BlattmachrJonathan Blattmachr addresses the use of the “soon to disappear” $5.12 million exemptions by spouses creating non-reciprocal trusts for each other, a way in which non-community property residents can secure the double step-up in basis at the death of the first spouse to die, how a married couple can create the “model perfect” family partnership, and the Supercharged Credit Shelter Trust, a super idea for married couples. His presentation shows how portability can best work and when it should not be used.

9:35 – 10:30 a.m.When subchapter s meets subchapter c – Part imartin J. mcmahon, Jr. and Daniel l. simmonsMany tax practitioners refer to S corporations as “corporations that are taxed like partnerships.” That statement is true only to a very limited extent. For the most part, the only features that S corporations share with partnerships is the absence of an entity-level and the pass through of profits and losses, but even then, the pass-through models are not identical and S corporations sometimes face entity level taxes. Professors McMahon and Simmons focus on the application of Subchapter C rules to various transactions between an S corporation and its shareholders, including stock redemptions, liquidations, and mergers and acquisitions, emphasizing that the application of the Subchapter C rules in these contexts produces results to the shareholders that are very different than the results that occur in analogous transactions involving partnerships and partners.

10:30-10:45 a.m. Break

10:45 – 11:40 a.m.When subchapter s meets subchapter c – Part iimartin J. mcmahon, Jr. and Daniel l. simmonsProfessors McMahon and Simmons complete their discussion of the taxation of S corporations as discussed above.

11:40 – 12:20 p.m.Annual update: transfer taxeselaine Hightower GagliardiProfessor Gagliardi discusses recent judicial and administrative developments related to federal wealth transfer taxes. In this regard, she provides an overview of key decisions and rulings, assesses their impact on estate planning, and suggests planning strategies to address these developments in the law.

12:20 – 1:15 p.m. lunch

1:15 – 2:15 p.m.capital shifts in PartnershipsJames r. repettiThe life cycle of a partnership often involves shifts of an interest in partnership capital from one partner to another. Despite the frequency of these shifts, little guidance exists about how they should be treated for federal income tax purposes. This presentation examines and critiques the little guidance that exists on this issue and suggest appropriate treatments of the shifts that are consistent with underlying policy considerations.

2:15 – 3:15 p.m.state of the charitable sectorlaverne WoodsLaVerne Woods provides an overview of major trends and tax policy issues in the exempt organizations area. She addresses the explosion in the number of exempt (particularly 501(c)(3)) organizations, and the train wreck of massive revocations of exemptions over the past year for organizations that failed to file Form 990 for three consecutive years. She focuses on the complexity in the landscape caused by the Pension Protection Act of 2006 changes to the tax law regarding supporting organizations and donor advised funds, and the implications of the recent Treasury Report in this area. Looking forward, she discusses the implications of proposals to alter the charitable contribution deduction to provide less of an incentive for high income donors, the implications as to what types of charities could be adversely affected, and the potential impact on the exempt sector of new taxable organizational forms such as the “benefit corporation” and “flexible purpose corporation.”

3:15 – 3:30 p.m. Break 3:30 – 5:00 p.m.Annual update: income taxsamuel A. DonaldsonProfessor Donaldson reviews several of the important cases, rulings, regulations, and legislation from the past 12 months affecting individual taxpayers and small businesses. Time permitting, the presentation will also include a humorous remark or two.

5:00 p.m. Hosted receptionThis reception is generously hosted by U.S. Bank

s c h e d u l e s p e a k e r ssaturday, october 27, 20127:15 a.m.Bettr law section of the state Bar of montanaAnnual meeting in the rear of the seminar room

7:30 a.m. continental Breakfast

8:15 – 9:15 a.m.the evolving status of treasury regulations -- Home concrete and Beyondsamuel c. ullmanIn 2011 and 2012, the Supreme Court issued two very important opinions that addressed the deference to be afforded Treasury Regulations. The cumulative effect of the opinions is to change the way in which the tax world will treat Regulations in the future. This presentation reviews those opinions, summarizes the current status of the deference to be afforded Treasury Regulations and lower level pronouncements of the IRS, and makes some predictions on where we are going.

9:15 – 10:15 a.m.rendering tax Advice in the face of uncertaintyDennis J. ventry, Jr. Tax practitioners operate in a sea of uncertainty. Indeed, more so than other areas of the law, tax rules often provide no clear law at all, whereby the law itself becomes a random variable, with a certain probability that it is X and a certain probability that it is Y. And yet, tax practitioners must achieve rigid levels of certainty—substantial authority, more likely than not, should, will—when advising clients on return positions and tax avoidance transactions. This presentation explores a hypothetical tax planning problem to evaluate and frame these issues of uncertainty, and to consider how rendering legal advice in an uncertain setting implicates a tax practitioner’s ethical responsibilities as well as potential exposure to professional misconduct.

10:15 – 10:30 a.m. Break

10:30 – 11:30 a.m.Property taxation issues Arising in montanaKristen Juras and Julie sirrsProfessors Kristen Juras and Julie Sirrs review the fundamentals of property taxation in Montana, and discuss several current issues, including the reappraisal of residential and commercial properties, valuation methods used by the Department of Revenue, procedures for the appeal of property taxes, and several recent cases involving centrally assessed properties.

1:30 p.m. Kickoff – the university of montana vs. idaho state

Jonathan G. Blattmachr Jonathan Blattmachr is a Principal of Eagle River Advisors, a boutique advisory firm dedicated to developing and implementing innovative wealth and gift and estate tax planning strategies on behalf of high net worth individuals and families. Mr. Blattmachr brings over 35 years of experience in trusts and estates law. He is a retired member of Milbank Tweed Hadley & McCloy and the Alaska, California and New York Bars. Mr. Blattmachr has been recognized as one of the country’s most creative trusts and estates lawyers. He writes and lectures extensively on estate and trust taxation and charitable giving and has authored or co-authored five books and over 400 articles on estate planning topics.

He has served as a lecturer-in-law of the Columbia University School of Law and is an Adjunct Professor of Law at New York University Law School in its Masters in Tax Program (LLM). He is a former chairperson of the Trusts & Estates Law Section of the New York State Bar Association and the American Bar Association. Mr. Blattmachr is a Fellow and a former Regent of the American College of Trust and Estate Counsel and past chair of its Estate and Gift Tax Committee. Among professional activities, which are too numerous to list, Mr. Blattmachr has served as an Advisor on The American Law Institute, Restatement of the Law, Trusts 3rd; and as a Fellow and Director of The New York Bar Foundation and as a Fellow of the American Bar Foundation. Mr. Blattmachr graduated from Columbia University School of Law Cum Laude, where he was recognized as a Harlan Fiske Stone Scholar, and received his A.B. degree from Bucknell University, majoring in mathematics.

samuel A. Donaldson Sam Donaldson was appointed Professor of Law at Georgia State University in Atlanta, Georgia, in 2012. Prior to this appointment, he was on the faculty at the University of Washington School of Law for 13 years. During his tenure at the University of Washington, he was a five-time recipient of the Philip A. Trautman Professor of the Year award from the School of Law’s Student Bar Association, most recently in 2011. Professor Donaldson served for two years as Associate Dean for Academic Administration and for six years as the Director of the law school’s Graduate Program in Taxation. He teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law and professional responsibility. Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a co-author of the West casebook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning treatise published by CCH. Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law. An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Chronicle of Higher Education, USA Today, and other outlets. A perennial contender for People Magazine’s “Sexiest Man Alive” honor, Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level foreign business officials in exchange for his bank account information.

elaine Hightower GagliardiElaine Hightower Gagliardi is a Professor of Law at The University of Montana School of Law teaching in the areas of business planning, estate planning and tax exempt organizations. Gagliardi is an Academic Fellow of the American College of Trust and Estate Counsel, and a past Chair of the State Bar of Montana’s Business, Estates, Trust, Tax and Real Estate Section. She is co-author, with J. Martin Burke and Michael K. Friel, of Modern Estate Planning (2d ed.) (LexisNexis 2002), and the current author of How to Save Time and Taxes Handling Estates (Matthew Bender). She also co-authors with James Delaney the LexisNexis book on Estate and Gift Tax Questions and Answers (2009).Gagliardi writes frequently in the area of estate

s p e a k e r splanning. Prior to teaching, Gagliardi practiced with the law firms of Perkins Coie LLP in Seattle, and Day, Berry & Howard LLP, Hartford, Connecticut, and clerked for the Honorable James R. Browning, then Chief Judge of the Ninth Circuit Court of Appeals, and the Honorable William J. Jameson, District Judge for the District of Montana. She earned her B.A. in Economics from Yale University, her J.D. from The University of Montana School of Law, and her LL.M. in Taxation from New York University.

martin J. mcmahon, Jr.Martin J. McMahon, Jr., is the Stephen C. O’Connell Professor of Law at the University of Florida College of Law, where he teaches in the Graduate Tax Program and is Editor-in-Chief of the Florida Tax Review. He received a B.A. in economics from Rutgers University, a J.D. from Boston College Law School, and an LL.M. in Taxation from Boston University Law School. Professor McMahon taught previously at the University of Kentucky, and has been a visiting professor at the University of Virginia. He was the Professor-in-Residence in the Office of Chief Counsel of the Internal Revenue Service in 1986 and 1987, and has been an instructor in the NYU/IRS Continuing Professional Education Program. Prof. McMahon is the coauthor with Boris Bittker and Lawrence Zelenak of the treatise FEDERAL INCOME TAXATION OF INDIVIDUALS (Warren, Gorham & Lamont 1988, 2d ed.1995, 3d ed., 2002), and, with the late Paul McDaniel and Daniel Simmons, four textbooks on federal income taxation, FEDERAL INCOME TAXATION (Foundation Press, 1995, 4d ed., 1998, 5th ed., 2004, 6th ed., 2008), FEDERAL INCOME TAXATION OF BUSINESS ORGANIZATIONS (Foundation Press 1991, 2d ed. 1997, 3d ed., 1999, 4th ed., 2006), FEDERAL INCOME TAXATION OF CORPORATIONS (Foundation Press 1997, 2d ed., 1999, 3rd ed., 2006), and FEDERAL INCOME TAXATION OF PARTNERSHIPS AND S CORPORATIONS (Foundation Press, 1991, 2d ed., 1997, 3d ed., 1999, 4th ed., 2006). In addition to publishing over fifty articles on various income taxation issues, Professor McMahon is a frequent speaker at tax conferences around the United States, and has lectured on U.S. taxation in a number of other countries, including Sweden, Germany, Poland, England, the Netherlands, Peru, and Chile. He has chaired the Teaching Taxation Committee of the ABA Tax Section and the Tax Section of the Association of American Law Schools. Professor McMahon is a fellow in the American College of Tax Counsel and the American Law Institute.

Kristen JurasKristen Gustafson Juras teaches property, business, tax and commercial classes at The University of Montana School of Law. Prior to teaching, Professor Juras practiced for more than twenty years in the areas of business transactions, tax and estate planning. She was a shareholder with Church, Harris, Johnson & Williams, P.C. in Great Falls, and also served as general counsel for a publicly traded corporation. She is currently of counsel with Faure & Holden Attorneys at Law, P.C. Professor Juras graduated in 1982, magna cum laude, from the University of Georgia School of Law, and received her B.A. degree, with high honors, in French and German from the University of Montana.

James r. repettiThe inaugural holder of the William J. Kenealy, S.J. Chair, and the Associate Dean for Academic Affairs, Professor Repetti is co-author of the texts, Partnership Income Taxation, Introduction to United States International Taxation, Federal Wealth Transfer Taxation, Problems in Federal Wealth Transfer Taxation, and Tax Aspects of Organizing and Operating a Business. He is also a contributing author to the treatises, Comparative Income Taxation: A Structural Analysis and to The International Guide To Partnerships.

Daniel l. simmonsDaniel Simmons is an Emeritus Professor of Law at the University of California Davis where he taught basic federal income tax, corporate tax and partnership tax. He is a co-author of casebooks on Federal Income Taxation, Federal Income Taxation of Business Organizations, Federal Income Taxation of Corporations, and Federal Income Taxation of Partnerships and S Corporations, as well as numerous articles. Recent articles include “Reform of the California Tax Collection Process” and

“Taxation of Built-in Gain and Loss Property in Partnerships.” Professor Simmons received his A.B. degree in 1964 and J.D. degree in 1971 from UC Davis. Following law school, he was a law clerk for Justice Louis Burke on the California Supreme Court. Professor Simmons served as a Professor-in-Residence in the Office of the Chief Counsel of the Internal Revenue Service in 1986-87. He has been on the executive board of the State Bar Tax Section, and has served as chair of the Teaching Taxation Committee of the ABA Section on Taxation. He has been a member of the Governing Board of the California Continuing Education of the Bar. Professor Simmons is a frequent speaker on current developments in Federal income taxation, issues of partnership taxation and abusive tax shelters, among other topics. Professor Simmons recently served a term as chair of the University of California Academic Senate and as faculty representative to the UC Board of Regents.

Julie sirrsJulie Sirrs is a Visiting Assistant Professor in Taxation at The University of Montana School of Law, where she teaches Individual Income Taxation as well as Corporate and Partnership Taxation. She is also an attorney with the Missoula law firm of Boone Karlberg P.C., where her practice focuses on tax issues, business transactions, estate planning and related litigation. She received her J.D. from The University of Montana School of Law and her LL.M. in Taxation from the University of Washington School of Law. During law school, she was a clinical intern with United States District Court Judge Donald W. Molloy. Prior to her legal career, she was an analyst with the Defense Intelligence Agency in Washington, D.C.

samuel c. ullmanSam Ullman practiced tax law in south Florida for 40 years. He presently lives in Gainesville, Florida, where he is an Adjunct Professor in the Graduate Tax Program at the University of Florida College of Law. Sam is a former Chairman of the Tax Section of The Florida Bar, and a Fellow of the American College of Tax Counsel and the American Law Institute. He received a law degree at the University of Florida and a Master’s Degree (Taxation) at the University of Miami. He was a law clerk at the United States Tax Court after Law School.

Dennis J. ventry, Jr.Professor Ventry is an expert in tax policy and legal ethics and has written widely in both fields. His research interests include tax expenditure analysis, family taxation, professional responsibility and standards of care, tax filing and administration, tax compliance, public finance, and tax and legal history. Recently, Ventry was added as co-author to the casebook, Legal Ethics and Corporate Practice. Professor Ventry received his J.D. from NYU School of Law, his Ph.D. (U.S. economic and legal history) from UC Santa Barbara, and his B.A. (history) from UCLA.

laverne WoodsLaVerne Woods chairs the Tax-Exempt Organizations group of Davis Wright Tremaine LLP. She has over 20 years of experience in working with the nonprofit sector and is a frequent writer and speaker in the area both nationally and regionally. Her practice spans a broad range of issues affecting charities, including federal tax exemption, governance, endowment management, mergers and joint ventures. She has a special interest in healthcare, social entrepreneurism and international philanthropy. LaVerne represents organizations across the nonprofit spectrum, including: family and corporate foundations, community foundations, supporting organizations, global health and relief organizations, hospitals, health plans, colleges and universities, research institutes, charitable trusts, social service and arts organizations, trade associations and government agencies. She has served as chair of the ABA Section of Taxation’s Exempt Organization Committee, New York University Law School’s Board of Advisors for its National Center on Law and Philanthropy, and the Washington State Bar’s Business Section Nonprofit Corporations Committee. She is a fellow of the American Law Institute and a member of the American Health Lawyers Association. LaVerne received her J.D. from Harvard Law School and her B.A. from Yale University.

r e g i s t r a t i o n e v e n t s

I am interested in the following

Continuing Education Credits:

Montana CLE

Idaho CLE

Washington CLE

Wyoming CLE

Certified Public Accountant (CPE)

Certified Financial Planner (CFP)

Certified Banker (CTFA)

Enrolled Agent

Other ___________________________

BROCHURE

PLEASE DETACH AND RETURN

Hotel AccommodationsA block of rooms for the Tax Institute is available at the DoubleTree Hotel (406.542.4611). Ask for “Tax Institute 2012.” There are additional rooms at the Holiday Inn Downtown, call 800.399.0408.

registration informationThe registration fee for The University of Montana Tax Institute is $300 if received by October 15th. After October 15th, the registration fee is $350. This fee covers tuition, presentation outlines, lunch on Friday, and continental breakfasts on Friday and Saturday.

A full refund is available if the cancellation is received by October 15th. Cancellations will be refunded less a $50 processing fee if received after October 15th. Substitutions are welcome.

To register for The University of Montana Tax Institute, please complete the form below and send it, either with your check payable to The University of Montana School of Law or with your credit card information to:

60th Annual Tax InstituteSchool of LawThe University of MontanaMissoula, MT 59812-6552 FAX 406.243.2576

Please register in advance. A limited number of walk-in registrations will be accommodated, although course materials may not be available until after the program.

Application for continuing education credits for the 60th Annual tax institute is being made to:• Montana State Bar Continuing Legal Education• Certified Financial Planner Board of Standards• Washington State Board of Continuing Legal Education• Idaho State Bar Continuing Legal Education• Montana Board of Public Accountants (preapproval not required)

Day of Dialogue - thursday, october 25, 2012University Center, 8 am - 5 pmThe seventh annual campus-wide series of events focused on topics of diversity. Call 406.243.5622 or visit: http://life.umt.edu/dod/

“20 years and counting” Artists Bev Gluekert, Christine Karkow and Monica Bauer exhibit paintings. On display at the University Center Art Gallery through Oct. 26. Gallery hours: 10 am - 4 pm. Free admission. For more information contact Gwen Landquist at 406.243.5555 or by email: gwen.landquist@mso.umt.edu Website: http://life.umt.edu/uc/

the university of montana vs. idaho stateSaturday, October 27, 2012, kickoff at 1:30 p.m.Washington Grizzly Stadium

To obtain football tickets for the Griz vs. Idaho State game on October 27th, call 406.243.4051 and request tickets in the “Tax Institute Block” before October 15, 2012. The tickets are $35.00 each, including mailing and handling. Tickets are available until the block is sold out.

the montana museum of Art and culture hosts one of the Rocky Mountain Northwest’s oldest and most prominent collections of art and artifacts. The Permanent Collection, which was founded in 1894, now includes over 10,000 original works. Hours: Tues., Wed., and Sat.: 12-3 pm and Thurs. & Fri. 12 - 6 pm. Call 406.243.2019 or visit http://www.umt.edu/montanamuseum/

october 26-27, 2012 Doubletree Hotel

missoula, montana

60th Annual tax instituteschool of lawthe university of montanamissoula, mt 59812-6552 fAX 406.243.2576

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