Practice News

Layton L. Pace, Attorney at Law

Practice News

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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