These are the downloadable materials in .pdf format from the sessions held in November, 2010.
Materials alone do not qualify for NHMCLE credit.
Click on the Table of Contents document for a preview of the materials.
Here are two sessions from Track I of the 28th Annual Tax Forum, co-sponsored by the NHBA•CLE program and the NHSCPAs.
The NH Reasonable Compensation Debate
After several attempts and significant debate over a variety of versions, the New Hampshire Legislature finally revised the Business Profits Tax compensation deduction for proprietors, partners and members. This session will analyze the “new and improved” compensation statute and contrast it with the version which it replaced. We will further discuss some of the relevant authorities that will come into play when applying the new statute. The debate over the changes to the compensation statute also ranged into the Interest and Dividends Tax and this session will also cover the repeal of the so-called “LLC Tax” and provide a synopsis of old law, 2009 law and new law on this controversial topic. Finally, while many of the more direct provisions and safe harbors were ultimately removed from the final legislation, a study committee was created to provide insight into the range of more specific safe harbors that could be incorporated in future legislation. This session will also cover the reasonable compensation debate as it continues through the study committee process.
The Real Estate Transfer Tax: A Litigation Update on Related-Party Exchanges
New Hampshire Superior Courts have recently issued two decisions addressing the application of the real estate transfer tax to related-party exchanges -
ZBH Realty, LLC and First Berkshire Business Trust (currently on appeal to the New Hampshire Supreme Court). This presentation will analyze the relevant provisions of the real estate transfer tax, as well as to compare and contrast the transactions and holdings of both decisions. In addition, the presentation will address the potential impact of those decisions on related-party exchanges, including what constitutes a “bargained-for exchange” and a “contractual transfer,” as well as potential valuation issues associated with related party transfers.