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Podcast: Tax News Now Ep. 24 - Before You Shake Hands: Hidden Tax Traps in Pa...

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Overview

In this episode of the Tax News Now Podcast, Mark Gallegos welcomes back Brian Lovett, CPA, attorney, and partner leading Withum’s Real Estate Strategic Tax Planning team, for a practical discussion of the tax issues that arise when a business owner is ready to sell, buy out a partner, or reinvest the proceeds. The conversation then turns to partner exits, emphasizing the importance of bringing all advisors to the table, clarifying each party’s goals, and modeling outcomes so clients can see what they’ll actually keep after taxes.

Learning Objectives

  • Identify the tax consequences a departing partner may face when selling a partnership interest
  • Differentiate between a cross-purchase and a partnership redemption buyout, including any reporting requirements
  • Recognize the key requirements and benefits of capital gain deferral strategies available to sellers

Details

Field of Study
Taxes
Credits
1 Credit
Provider
Becker Professional Education IRS Approved Program
Knowledge Level
Basic

Mark Gallegos

Mark Gallegos, CPA, MST, is a tax partner on Porte Brown’s tax services team, based in the Chicago, IL. With over 20 years of experience, Mark has become a trusted advisor in the areas of taxation, specializing in mergers & acquisitions, international tax, and tax credits and incentives. His expertise is anchored in a deep understanding of complex tax legislation and the evolving regulatory landscape. Mark is a prolific speaker and writer, frequently hosting webinars and delivering presentations on tax legislation and related topics.
 
Mark is a frequently sought-after public speaker, known for his insightful commentary and his deep understanding of our complex tax legislation. He has served as an expert contributor to global media outlets such as Wall Street Journal, CNN, USA Today, Washington Post, Bloomberg, FOX News, Tax Advisor, American Institute of Certified Public Accountants, as well as many local news publications, industry podcasts, and news radio broadcasts.
 
Expertise
Federal & State Income Tax Compliance
Income Tax Research, Planning & Consulting
Tax Legislation & Regulatory Changes
Tax Credits & Incentives
Business & Individual Taxation
International Tax & Consulting
Mergers & Acquisitions
 
Education
Master of Science in Taxation, DePaul University
Bachelor of Science in Accounting, University of Kentucky
 
Certifications
Certified Public Accountant
Civic and Professional Involvement
Member, American Institute of Certified Public Accountants (AICPA)
Member, Illinois CPA Society
Member, AICPA Tax Practice Management Committee
AICPA Engage Tax Strategies Conference Planning Committee Co-Chair
Host: Becker Accounting Podcasts - Tax News Now
Strategic Tax Reform Advisory Group, AICPA
 
Awards
Illinois CPA Society - 2025 Distinguished Service Award - Media Expert
Forbes - America’s Top 200 CPAs 2025
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Accreditations

  • NASBA: National Association of State Boards of Accountancy
  • CTEC: California Tax Education Council
  • Approved IRS Continuing Education Provider
$29.00
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  • NASBA-approved content

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