Friday, January 19

8:30AM - 11:30AM                                                           

Partnerships & LLCs

Chair: James E. Wreggelsworth, Davis Wright Tremaine LLP, Seattle, WA

8:30am                  Opening Remarks by the Chair.

8:35am                  Patenting Tax Advice - Potential Ramifications on
     Subchapter K.  This panel will discuss the recent
     phenomenon of patenting tax advice.  Will this
     phenomenon expand broadly into partnership
     structural tax planning, section 704(c) methods, or
     section 704(b) allocations?  How might a patent affect
     our daily practice?  Moderator:  Blake D. Rubin,
     Arnold & Porter LLP, Washington, DC.   Panelists: 
     Michael J. Desmond, Tax Legislative Counsel, Office
     of Assistant Secretary for Tax Policy, Department of
     Treasury, Washington, DC; Professor Michael B.
     Lang, Chapman University School of Law, Orange,
     CA; Professor Ellen P. Aprill, Loyola Law School, Los
     Angeles, CA.

9:25am                  Castle Harbour - Who Is A Partner?   In August 2006 the
     Second Circuit ruled in Castle Harbour that a foreign
     bank with limited residual sharing was not a tax partner.
     This panel will discuss whether Castle Harbour should
     make every 99:1 partnership rethink its status a
     partnership for federal income tax purposes, or if the
     case should be read in a more limited fashion.  How
     should taxpayers determine when 1% is enough and 
     when it is not?  Moderator:  Richard M. Lipton, Baker
     & McKenzie LLP, Chicago IL.   Panelists:  N. Jerold
     Cohen, Sutherland Asbill & Brennan LLP, Atlanta, GA;
     Heather C. Maloy, Skadden Arps Slate Meagher &
     Flom LLP, Washington, DC.

10:05am                Permanent Capital Funds: The Next Wave in Private
     Equity  Many hedge funds and private equity funds are
     racing to establish permanent capital vehicles.  The
     issues associated with establishing such vehicles range
     from choice of entity to choice of jurisdiction and
     related formation, operating, and compliance issues,
     both tax and non-tax.  This panel will highlight some of
     the more significant issues and will discuss the more
     recent transactions.  Moderator:  Stanley E. Ramsay,
     Weil Gotshal & Manges LLP, New York, NY.  
     Panelists:  Eric Sloan, Deloitte Tax LLP, New York, NY;
     Dana L. Trier, Davis Polk & Wardwell, New York, NY.

10:55am                Hot Topics in Partnerships.   This panel will discuss
     recent developments affecting partnerships including
     legislation, regulations, administrative guidance and
     noteworthy cases.  Moderator:  William H. Caudill,
     Fulbright & Jaworski LLP, Houston, TX.   Panelists: 
     Curtis G. Wilson, Deputy Associate Chief Counsel
     (Passthroughs & Special Industries), Office of Chief
     Counsel, IRS, Washington, DC; R. Brent Clifton,
     Locke Liddell & Sapp LLP, Dallas, TX.