Friday, October 20

8:30AM – 11:30AM

Banking and Savings Institutions

Chair: John Ensminger, Law Offices of John Ensminger, New York, NY

8:30am             Mortgage Servicing Rights. This panel will discuss the character of originated mortgage servicing rights.  Purchased mortgage servicing rights are section 1231 assets, but originated mortgage servicing rights may be something else.  How can a mortgage banker hedge a portfolio consisting of both purchased and originated mortgage servicing rights?   Moderator: Charles Wheeler, Alston & Bird LLP, Washington, DC.  Panelists: Viva Hammer, Attorney-Advisor, Office of Tax Policy, Department of Treasury, Washington, DC; Fran Mordi, Tax Counsel and Manager of the Center for Community Bank Tax, American Bankers Association, Washington, DC.

9:30am             Overseas Branches and Activities: A Primer. What are the tax costs of conducting banking business overseas?  When is it a good idea to open a branch, and when not?  These and more questions will be answered for those new to bank tax issues or those establishing overseas operations for the first time.  Moderator: E. Ray Beeman, Venable LLP, Washington, DC.  Panelists: James D. Goeller, Perry-Smith LLP, San Francisco, CA; Alan Fischl, PricewaterhouseCoopers LLP, Washington, DC.

10:30am          Recent Regulatory and Other Developments. This panel will discuss
                       the Proposed Regulation 1.1221-1(e) (when an account or note
                       receivable is a capital asset), the Seventh Circuit opinion in Bank One
                       Corporation, and other new developments. Moderator: Linda E.
                       Carlisle, White & Case LLP, Washington, DC.  Panelists: Clarissa
                       C. Potter, Senior Counsel to the Chief Counsel (Legislation), IRS,
                       Washington, DC; Phoebe Mix, Special Counsel to the Associate
                       Chief Counsel (Financial Institutions & Products), IRS, Washington, DC.