Friday, January 19

2:30PM - 5:30PM

Tax Accounting

Chair:  Jody Brewster, Skadden Arps Slate Meagher & Flom LLP, Washington, DC

2:30pm                  Recent Developments in the Area of Tax Accounting.  
                              This program will cover important recent developments in
                              the tax accounting area since the 2006 Joint Fall Meeting
                              in Denver, Colorado, with commentary and input from our
                              government guests from the Department of Treasury’s 
                              Office of Tax Policy and the IRS. Moderator: Colleen
                              O''Connor, Ernst & Young LLP, Washington, DC.

3:30pm                  Recent Developments of Interest to Public Utilities-- 
                              This program will discuss recent developments which 
                              have a unique impact on public utilities, with commentary
                              and input from our government guests from the 
                              Department of Treasury’s Office of Tax Policy and the
                              IRS.  Moderator: Gerald Towne, Thelen Reid Brown
                              Raysman & Steiner LLP, Washington, DC.  Panelists: 
                              James Warren, Thelen Reid Brown Raysman & Steiner, 
                              LLP, New York, NY; Martha Graves Pugh, Thelen Reid
                              Brown Raysman & Steiner LLP, Washington, DC.

3:50pm                  Advance Trade Discounts – Confusion or
                             Consternation?  This panel will discuss recent decisions 
                             addressing the treatment of trade discounts (Westpac –
                             advance trade discounts are not reportable income; Karns
                              – advance trade discounts are not loans), as well as
                             administrative guidance expected to be released before the
                             mid-year meeting, with commentary and input from our 
                             government guests from the Department of Treasury’s
                             Office of Tax Policy and the IRS.  Included in the 
                             discussion will be the different types of advance trade 
                             discounts, possible differing treatment, and planning 
                             considerations.  Moderator: Jack Donovan, Ernst &
                             Young LLP, Washington, DC. Panelists:  Les Schneider, 
                             Ivins Phillips & Barker Chartered, Washington, DC; Carol 
                             Conjura, KPMG LLP, Washington, DC.

4:40pm                  Recovery of Capital Transaction Costs.  The Department
                             of Treasury''s business plan includes issuing guidance on
                             the treatment of capitalized transaction costs.  This panel 
                             will explore the current rules and discuss proposed
                             solutions to this decades-old issue, with commentary and 
                             input from our government guests from the Department of 
                             Treasury’s Office of Tax Policy and the Internal Revenue
                             Service.  Moderator:  Ellen MacNeil, Deloitte Tax LLP,
                             Washington, DC.  Panelists:  Emily Lam, Skadden Arps
                             Slate Meagher & Flom LLP, Washington, DC.