For the 21st year in a row, the Taxation Sections of the Los Angeles County Bar Association (“LACBA”) and the State Bar of California (“SBC”) are sending a delegation to Washington, D.C. to meet with officials in the Treasury Department and the Internal Revenue Service, staff of the House Ways & Means Committee, the Joint Committee on Taxation and the Senate Finance Committee and judges with the U.S. Tax Court.
The Delegation serves a variety of functions, the most important is to make a substantive contribution to our nation’s tax law, while familiarizing government officials with the experience and concerns of the California Tax Bar. Prior to arriving in Washington, members of the two Taxation Sections also prepare papers on selected tax issues. These papers are then presented by the authors during the meetings with the various government officials.
This year’s delegation will include Valensi Rose Tax Associates Geoffrey A. Weg and Thomas M. Giordano-Lascari, who will be in Washington D.C. May 3-5, 2010 to present their paper regarding Internal Revenue Code Section 108(c)(3) to officials at the Treasury Department and Internal Revenue Service and staff from the Joint Committee on Taxation and the House Ways & Means Committee. The in-depth and informative paper reviews the current state of applicable law regarding IRC Section 108(c)(3), specifically what it means to be “secured by real property” for purposes of the exclusion from cancellation of debt income for certain commercial real estate workouts and foreclosures. The paper summarizes the nature of recent financing innovations in the marketplace, and speculates how the current law might apply in the contemporary market and suggests the form that practical guidance on this issue might take.
This is Geoff and Thomas’ second trip to D.C. as delegates of the California State Bar Taxation Section. Click the link below to read the full paper.
PDF
Follow Us!