2:30pm   Primer on Financial Products.  Forwards?  Futures?  Options?  Swaps?  Straddles?  Hedges?  What are they and how are they taxed.  These fascinating instruments and transactions have become part of daily life for practitioners in all areas of practice.  This panel will provide a primer on these products and transactions. Moderator: Linda Carlisle, White and Case LLP, Washington, DC. Panelists: David Shapiro, PriceWaterhouse Coopers LLP, Washington DC; Clarissa Potter, Senior Counsel to the Chief Counsel, IRS, Washington, DC.

3:45pm   Update on Section 475.  This panel will discuss the committee''s comments on the proposed section 475 safe harbor regulations and developments since release of the regulations.  Moderator: Alan Munro, Ernst &Young LLP, Washington, DC. Panelists: Daniel Brody, Baker Botts LLP, Houston, TX; Jeff Maddrey, PriceWaterhouseCoopers LLP, Washington, DC; Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, Department of Treasury, Washington, DC.

4:30pm   Current Developments.  This panel will cover recent judicial, legislative and administrative developments of interest. Moderator: Steven Rosenthal, Miller & Chevalier, Washington, DC. Panelists: Lucy Farr, Davis Polk & Wardwell, New York, NY; Mark Price, KPMG LLP, Washington, DC; Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, Department of Treasury, Washington, DC.