Taxing Joint Ventures: Maximizing Profits Extraction, Partnership vs. Corporation, Proposed FASB ASU on JV Formations
Live Online Webinar
Blank Rome partner Michael I. Sanders and of counsel David A. Gilbert will serve as presenting faculty for Taxing Joint Ventures: Maximizing Profits Extraction, Partnership vs. Corporation, Proposed FASB ASU on JV Formations, a live Strafford webinar taking place Monday, November 13, 2023, from 10:00 to 11:50 a.m. PST / 1:00 to 2:50 p.m. EST.
ABOUT THE PROGRAM
There are significant differences between partnerships and joint ventures (“JVs”). Both involve two or more individuals; however, a JV is viable for the duration of a specific project, while a partnership is a business activity undertaken to generate a profit.
Structuring a JV is a crucial consideration at formation that can help mitigate tax leakage. Practitioners should ensure a JV is structured to maximize profits extracted by minimizing tax consequences. Recently, the Financial Accounting Standards Board (“FASB”) released a proposed Accounting Standards Update, Business Combinations – Joint Venture Formations (Subtopic 805-60), to offer guidance that was lacking on accounting for these initial contributions and the measurement of assets and liabilities contributed to JVs.
Adding to the confusion is the varying state treatment of JVs and whether the venture is taxed as a partnership or, perhaps, treated as a corporation. Tax practitioners working with joint business ventures need to understand the nuances of the tax consequences of these entities.
Structuring professionals will explain the ins and outs of JVs, focusing on critical considerations to limit taxes paid.
- Key differences between partnerships and JVs
- When a JV should consider making an election to be taxed as a corporation
- Varying state treatment of JVs
- Specific scenarios detailing the tax consequences of JVs
The webinar includes interactive Q&A and CPE credit is available.For more information and to register, please visit the webinar webpage.