The first part of this series on special valuation rules provides the historical perspective and practical understanding of sections 2701, 2703, and 2704 of Chapter 14. Relevant examples and close study of the sections will help participants confidently and accurately report and account for corporation and partnership transfers to family members and buy-sell agreements between related people, understand lapsed voting and liquidation rights and restrictions, and see how the Revenue Reconciliation Act of 1993 affects the statute of limitations. At the conclusion of this session you will be able to:
- Recognize the purposes of sections 2701 to 2704 of Chapter 14
- Recognize and apply the rules and provisions of:
- Section 2701
- Section 2703, and
- Section 2704
- Identify reporting and statute of limitations requirements
Instructor bio
Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.
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