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16 Prac. Tax Law. 3 (2001-2002)

handle is hein.ali/practax0016 and id is 1 raw text is: TPRACTICAL AX LAWYER FALL 2001 VOLUME 16/NUMBER 1 Published by The American Law Institute-American Bar Association Committee on Continting Professional Education with the cooperation of the Section of Taxation, American Bar Association Nine Practical Things You Should Know About Partnership Taxation Hak Dickenson 5 Tax practitioners who do not work daily with partner- ship taxation but are likely to engage in business dis- cussions about the use of partnerships should be famil- iar with some of the fundamental aspects of Subchapter K. A good start for a tax practitioner is to know the nine practical things as set forth in this article. The Taxation of E Commerce Burke T. Ward and Janice C. Sipior 23 The obligation of remote vendors to collect and remit state and local sales and use taxes is a difficult, but not a new issue. The remote vendor has legitimate con- cerns about excessive compliance costs if it is obligated to collect and remit sales and use taxes from multiple jurisdictions requiring different tax bases, rates, forms, and procedures. The Internet Tax Freedom Act and court decisions appear to temporarily prevent such problems. But Congress will soon have to act. The authors spell out the issues and identify particular areas of concern for e-commerce vendors. A Trust and Estate Planning Questionnaire for Families with Minor Children Paul A. Meints 33 The questionnaire presented here is designed to be sent to families with minor children who want an estate plan. The questionnaire attempts to educate young clients about what goes into a good, flexible, and comprehensive estate plan. It will help you to deal with younger clients in a way that minimizes total legal costs and maximizes good long-term client relationships. Practical Ways To Deal with the Repeal of Section 415(e) Louis T. Mazawey 41 The SBJPA repealed longstanding section 415(e) limits on the benefits that may be paid to an individual who participates in both defined benefit and defined con- tribution plans maintained by the same employer, effective for limitation years beginning on or after January 1, 2000. Employers that take full advantage of the new IRS guidance should be able to cut iabilities to executives under their nonqualified plans that make up for benefits that are reduced because of the combined limit-including for benefits payable in the future to participants already in pay status (or deferred status) as of January 1, 2000. Executives may benefit from such changes through larger qualified plan distributions that may be rolled over, and from FICA tax savings because of lower nonqualified bene- fits. Here is how it works. The Impact of Sales and Use Taxes on Corporate Transactions Peter L. Faber 47 Sales of busineases are excepted from the sales tax only if the legislature thinks to do so and only if the legisla- ture can draft appropriate concepts in appropriate lan- guage. Provisions in sales tax statutes that deal with corporate acquisitions are often illogical and inconsis- tent. This article primarily surveys the treatment of corporate transactions under the sales tax laws of California, Georgia, Illinois, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, and Vermont. It is intended to illustrate the problems encountered and offer some potential solutions. 1Ting Decisions Programs, Publications, and Playbacks 22 ALI-ABA and ABA Section of Taxation CLE Calendars I I i I [I I I III I I

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