“Valuation Vendetta:  2704 Regs Seek to Dump Discounts!”

There is no charge for the conference however Attorneys must register to receive CLE Credit. Please contact Peggy at 262-619-2922 or email [email protected]
 
Where:           555 Main Street, Racine, WI in the Learning and Development Center.
When:            August 30, 2016 – 11:30PM  To 2:00PM Lunch Will Be Served!
R.S.V.P:          Peggy at 262-619-2922 or email [email protected]
 
Topic
On Thursday, August 4, the IRS published proposed new regulations under Section 2704 of the Internal Revenue Code. These proposed regulations, if finalized in their current form, will have a monumental impact on tax planning for many estates potentially subject to estate tax. In particular, valuation discounts for certain intra-family transfers of equity in corporations and partnerships, for many years widely available, may be severely limited going forward. In this teleconference, Clary Redd and Turney Berry will explain what Section 2704 was intended to address when it was enacted, how it has worked up to now and what these new proposed regulations seek to accomplish. Among other things, Clary and Turney will discuss:

• Big change in definition of "applicable restriction"
• New category of "disregarded restrictions"
• New three-year rule
• Effect of nominal non-family held interests
• Operating businesses vs. entities holding passive investments
• Possible court challenges
• Effective date

RACINE — As a new school year approaches, community members and groups often pitch in to help needy families with the back-to-school expenses by donating necessary school supplies.


To assist with such efforts, the Racine County Bar Association launched “Class Action” this summer.


A partnership with the Community School Pilot program, the project has consisted of placing school supply collection boxes in area law firms, at the Racine County Courthouse and at the Racine County District Attorney’s and Public Defender’s offices.


Most of the boxes, which were decorated by children of the bar association members, were picked up in late July, but some boxes will stay in the community through Thursday.
​

“We have had a terrific response to Class Action, not only in the raising of school supplies for students, but also supplies for teachers who we know spend a great deal of their own money purchasing needed supplies," said Robert Keller, president of the Racine County Bar Association, in a press release. "We know thriving students mean a stronger community. We want to do what we can to help the Community School Pilot (program) be successful."

The Racine County District Attorney’s Office and Behavioral Health Services of Racine County are proud to announce a collaboration to provide first time adult offenders, an opportunity to avoid a criminal conviction for possession of marijuana or marijuana drug paraphernalia by participating in an educational program regarding the hazards of drug use, the risk of addiction, and decision making.  It is our goal to provide these individuals the tools to make better life choices in the future.

 The District Attorney’s Office will select and refer appropriate individuals to the THC Alternative Solutions Class (T.A.S.C.) Program. Upon successful completion of T.A.S.C., the District Attorney’s Office will dismiss the charges. 

Behavioral Health Services (BHS) will utilize the Prime for Life curriculum as a basis for the T.A.S.C. Program.  PRIME For Life is a motivational intervention used in group settings to prevent alcohol and drug problems or provide early intervention. Prime for Life has been used primarily among court-referred impaired driving offenders, as in the two studies reviewed for this summary. It also has been adapted for use with military personnel, college students, middle and high school students, and parents. Different versions of the program, ranging from 4.5 to 20 hours in duration, and optional activities are available to guide use with various populations. 

Based on the Lifestyle Risk Reduction Model, the Trans Theoretical Model, and Persuasion Theory, Prime for Life emphasizes changing participants' perceptions of the risks of drug and alcohol use and related attitudes and beliefs. Risk perception is altered through the carefully timed presentation of both logical reasoning and emotional experience. Instructors use empathy and collaboration (methods consistent with motivational interviewing) to increase participants' motivation to change behavior to protect what they value most in life. Participants are guided in self-assessing their level of progression toward or into dependence or addiction. PFL also assists participants in developing a detailed plan for successfully following through with behavior change. Multimedia presentations and extensive guided discussion help motivate participants to reduce their substance use or maintain low-risk choices. Individual and group activities are completed using participant workbooks.

The Racine County T.A.S.C. Program will run for three (3) weeks. Participants will be required to attend class twice a week. There will be a total of twelve (12) hours of instructional time. Participants will be required to attend all sessions of classroom work, complete all assigned workbook exercises, and participate in discussions. BHS will issue a T.A.S.C. certificate of completion to all individuals, and report to the District Attorney’s Office. BHS will also report to the District Attorney’s  Office any individuals who fail to comply with the program.

The cost of the class: $350 and classes will be held monthly at the Dennis Kornwolf Service Center located at 1717 Taylor Avenue, Racine, Wisconsin.

Information is available at the Racine County District Attorney’s website under the helpful links tab.  Further information is also available via Deputy District Attorney Tricia Hanson (636-3172) or Michelle Goggins (638-6744)