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Practice News
S CORPORATION SEMINAR: Mr. Pace has agreed to speak at the 2010 Annual Meeting of the California
Tax Bars in San Diego on November 5, 2010. The presentation is entitled "Trench Warfare or Cotillion -- Maneuvering Through
the Frontlines of S Corporation Tax Issues." The presentation is expected to review, among other current S
corporation issues, self-employment taxes, back-to-back loans, open account debt, cash distributions in connection with acquisitions,
cancellation of indebtedness and IRC Section 338(h)(10) election issues.
GREEN TAX INCENTIVES: On April 22, 2010, Mr. Pace hosted a conference call on "Green"
tax incentives in conjunction with the 40th Anniversary of Earth Day. The conference call was sponsored by the
Corporate and Pass-Through Committee of the Taxation Section of the California State Bar. CJ Aberin of the national
accounting firm of KBKG, LLP spoke on various green incentives, including incentives from energy efficient residential and
commercial buildings.
CHOICE OF ENTITY: Mr. Pace has revamped his "Choice of Entity" presentation and outline
in light of the current business environment and expectation of higher tax rates in the upcoming years. He made his
latest presentation of the outline on September 17, 2009 to the Young Tax Lawyers Committee of the Taxation Section of
the Los Angeles County Bar Association. Mr. Pace will present a more sophisticated version of the outline at the
Annual Meeting of the California Tax Bars and Tax Policy Meeting on November 12, 2009 in San Diego. His presentation revisits
in detail the advantages and disadvantages of operating as a limited liability company, S corporation or C
corporation.
DEBT WORKOUTS: On September 12, 2009, Mr. Pace spoke at the Annual Meeting of the California State
Bar regarding the tax consequences of loan modifications, foreclosures and recapitalizations of business entities and
minimizing cancellation of indebtedness income, including relief in recent legislation. He previouisly spoke to the
Taxation Section of the Beverly Hills Bar Association and the South Bay Group of the LA Chapter of the California CPA Society
in February and May 2009 on similar issues. He would be glad to speak to your firm or organization on that topic.
The IRS recently issued proposed regulations regarding the contribution of debt to tax partnerships in exchange for capital
and profits interests in the partnership. Mr. Pace presented a paper on that topic to the IRS and US Treasury in 2007
and he believes that his paper contributed substantially to the issuance of the regulations. He intends to provide additional
comments to the IRS and Treasury in the near future.
V. JUDSON KLEIN AWARD: On November 8, 2008, the Taxation Section of the California State Bar
presented the V. Judson Klein Award to Mr. Pace in San Francisco, California at its annual meeting. The Taxation
Section presents the Award each year to a tax practitioner in mid-career who purportedly possesses a keen and imaginative
intellect, a true passion for the law and great personal integrity. Needless to say, Mr. Pace is deeply honored by this
tribute of his peers. He thanks each and everyone who has contributed to his career. PARTNERSHIPS AND LLCS: On November 29, 2007, Mr. Pace spoke at Chapman College on the Rosecrans
cooridor to the the South Bay group of the Los Angeles Chapter of the California CPA Society on limited partnerships and limited
liability companies. Mr. Pace is making his presentation with Steve Carvel, a South Bay estate planning attorney.
The presentation discussed federal and California income tax, property tax and gift and estate tax issues involved in
using those entities for making gifts of interests to family members.
PARTNERSHIP TAX: On November 6, 2007, Mr. Pace spoke at 2007 Tax Night, a program sponsored
by the Taxation Section of the Los Angeles County Bar Association and the Los Angeles Chapter of the California CPA Society. The
program was entitled "Commentaries on Current Issues Regarding the Taxation of Partnerships and Disregarded Entities."
Mr. Pace made his presentation with Al DeLeo, a partner at Cox, Castle & Nicholson LLP. The presentation discussed
federal and California income tax issues related to forming partnerships with debt, issuing partnership interests for services,
partnership mergers, partnership liability allocations and payroll tax issues of single member limited liability companies.
LLCs: On June 22, 2007, Mr. Pace spoke at Whittier Law School regarding limited
liability companies. The presentation was part of a day long series of presentations sponsored by the Income/Other Committee
of the Taxation Sectoin of the California State Bar. Mr. Pace made his presentation with Kent Burton, a South
Bay corporate and real estate attorney from Baker, Burton & Lundy, A PC. The presentation discussed practical
issues confronted in drafting operating agreements and in forming, operating and dissolving California, Delaware and Nevada
limited liability companies. The presentation also discussed federal and California income tax issues and differences
in various business entities.
WASH D.C.: On May 4-6, 2007, Mr. Pace joined a 30-person tax delegation from California in
Washington D.C. to present a position paper to the Internal Revenue Service, US Treasury Department and staff from
the House Ways and Means and Senate Finance committees. The paper discussed proposed regulatory and legislative changes
to the Internal Revenue Code regarding cancellation of indebtedness income caused by partners restructuring debts owed
by partnerships. The paper responded to changes made to IRC Section 108(e)(8) in 2004.
S CORPORATIONS AND LLCs: On November 3, 2006, Mr. Pace made two presentations at the Annual
Meeting of the Taxation Section of the California State Bar in San Jose, California. His first presentation was on pitfalls
and traps for the unwary regarding the acquisition, disposition and reorganization of S corporations. His second
presentation was on the California LLC fee. He made the second presentation with Ed Antolin, counsel for NW Energetic
Services and Ventas Finance I, and Brian Toman, former chief counsel of the Franchise Tax Board.
PRACTICE OPENED: On November 1, 2006, Mr. Pace opened his own law practice. He
thanks all of his clients, referral sources, professional colleagues, friends, family and relatives for their unwavering support.
Mr. Pace expects to continue his law practice without interruption and to provide a high level of "hands on" professional
services.
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