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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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TABLE OF LEGISLATION

Gary A. Zwick and James J. Jurinski

Internal Revenue Code, I.R.C.

Sec. 79 12.011

Sec. 79(d) 12.011

Sec. 83 5.162

Sec. 83(a) 5.057, 5.163

Sec. 83(b) 5.060, 5.063, 5.090, 5.136, 5.163

Sec. 83(h) 5.021

Sec. 101(a)(2) 8.053, 10.008, 12.108, 15.014

Sec. 101(g)(2) 8.057

Sec. 104(a)(3) 12.028, 12.029

Sec. 104(h) 14.139

Sec. 105(c) 5.150, 14.138, 16.078

Sec. 125 5.039, 15.002

Sec. 163(c) 9.028

Sec. 163(e) 13.010

Sec. 179 13.063, 13.064, 13.066, 13.067

Sec. 197 9.012, 15.058, 15.060

Sec. 197(f)(9) 15.058

Sec. 199A 5.002, 5.117, 5.128, 13.054, 14.021

Sec. 263A 15.002

Sec. 264 12.001

Sec. 264(a) 12.114

Sec. 264(a)(1) 12.113

Sec. 264(a)(3) 12.114, 12.115

Sec. 264(c) 12.115

Sec. 265(a)(1) 12.029

Sec. 267 6.036, 14.104, 15.001, 15.030, 15.032, 15.037, 15.059, 15.081, Ch 15 App

Sec. 267(a)(2) 15.037

Sec. 267(b)(2) 15.032

Sec. 267(c)(4) 10.031

Sec. 267(d) 15.031

Sec. 267(e) 15.037

Sec. 267(f)(2) 15.034

Sec. 268A 5.117

Sec. 280H 14.109, 14.110–14.111, 16.018

Sec. 301 Ch 15 App

Sec. 302 3.105, 5.026, 9.080, 9.084, Ch 15 App

Sec. 302(b) 15.001, 15.045, 15.049, 15.052, 15.055, Ch 15 App

Sec. 302(b)(1) 15.045, 15.050, Ch 15 App

Sec. 302(b)(2) 3.106, 9.111, 15.045, 15.050, Ch 15 App

Sec. 302(b)(3) 3.106, 5.026, 15.045, 15.049, 15.050, Ch 15 App

Sec. 302(b)(4) 15.045, Ch 15 App

Sec. 302(c) Ch 15 App

Sec. 302(c)(2) 15.049

Sec. 302(c)(2)(C) 15.055

Sec. 303 5.026, 7.065, 9.084, 9.085, 9.089, 10.049, 10.054, 10.055, 10.058, 10.060, 10.061, 10.062, 10.063, 10.064, 10.068, 10.069, 10.072, Ch 10 App I, Ch 10 App III, Ch 15 App

Sec. 304 15.056

Sec. 306 9.085

Sec. 306(b)(1)(A) 9.085

Sec. 318 3.106, 5.026, 9.111, 15.001, 15.044, Ch 15 App

Sec. 318(a)(1)(A) 15.044

Sec. 318(a)(1)(A)(i) 15.048

Sec. 318(a)(3)(A) 15.054

Sec. 351 13.009, 13.021, 13.029, 14.089, 14.090, 14.091, 14.092, 15.022

Sec. 351(e)(1) 13.021

Sec. 355 3.118, 4.121

Sec. 357I 3.100

Sec. 368(a) 4.122, 4.139

Sec. 368(a)(1)(D) 3.118, 4.121

Sec. 385 13.011, 13.015

Sec. 401(a)(4) 6.023, 6.061, 6.074

Sec. 401(a)(9)(B)(i) 6.088

Sec. 401(a)(9)(B)(ii) 6.088

Sec. 401(a)(9)(B)(iii) 6.088

Sec. 401(a)(17) 6.020, 6.023, 6.068

Sec. 401(a)(28)(C) 11.008

Sec. 401(k) 13.102, 16.024, 16.025

Sec. 402(a)(1) 6.097

Sec. 402(a)(7) 6.115

Sec. 402(c)(9) 6.117

Sec. 402(e)(4)(A) 6.098

Sec. 402(g)(1) 6.068

Sec. 402(3)(1) 6.117

Sec. 404 14.104

Sec. 404(a)(3)(A) 13.101

Sec. 404(a)(5) 5.021

Sec. 404(a)(9) 13.101

Sec. 404(b) 15.038

Sec. 409A 5.021, 5.057, 5.064, 5.065, 5.075, 5.080, 5.081, 5.084, 5.091, 5.093–5.115, 5.122, 5.125, 5.133, 5.135, 5.155, 6.012, 6.013, 6.014, 6.021, 14.104, 16.069

Sec. 409A(a)(3) 5.099

Sec. 409A(a)(4)(B) 5.097

Sec. 409A(a)(4)(B)(ii) 5.097

Sec. 409A(a)(4)(B)(iii) 5.097

Sec. 409A(a)(4)(C) 5.100

Sec. 409A(a)(4)(C)(i) 5.100

Sec. 409A(a)(4)(C)(ii) 5.100

Sec. 409A(2)(A) 5.098

Sec. 414(b) 6.024

Sec. 414(c) 6.032

Sec. 414(m) 6.035

Sec. 414(m)(5) 6.036

Sec. 414(n)(6) 6.038

Sec. 414(o) 5.161

Sec. 414(q) 6.023

Sec. 415(b)(1) 6.068, 6.069

Sec. 415(c)(1) 6.068

Sec. 416 6.023

Sec. 419A 5.046, 12.102

Sec. 422 5.081

Sec. 422(a)(1) 5.079

Sec. 422(b) 5.078

Sec. 422(b)(3) 5.079

Sec. 422(b)(5) 5.078

Sec. 422(b)(6) 5.078

Sec. 422(d) 5.079

Sec. 424(d) 5.078

Sec. 441(i) 14.110

Sec. 443 14.122

Sec. 444 5.134, 14.119

Sec. 444(c)(1) 14.111

Sec. 444(d)(3) 14.120

Sec. 446(b) 15.035

Sec. 453 3.103, 4.123, 4.143, 15.013

Sec. 453(c) 9.018

Sec. 453(e) 9.018, 15.001, 15.019

Sec. 453(e)(1) 15.021

Sec. 453(f)(1) 15.019

Sec. 453(g) 9.012, 15.001, 15.024, 15.060

Sec. 453(i) 15.025

Sec. 453(k)(2) 15.020

Sec. 453B 9.032

Sec. 453B(f)(1) 9.020

Sec. 469 15.077

Sec. 469(g) 15.001, 15.081

Sec. 482 5.117

Sec. 501(c) 14.041

Sec. 501(c)(3) 8.123, 14.041

Sec. 529 16.026

Sec. 531 5.117

Sec. 674(a) 9.046

Sec. 675(4) 9.046

Sec. 691 6.071, 9.019

Sec. 701 9.074

Sec. 704 14.028

Sec. 704(e) 9.074, 9.077, 15.001, 15.042

Sec. 706(b) 14.117

Sec. 707 6.036, 15.059

Sec. 707(b) 15.081

Sec. 721 15.022

Sec. 721(b) 9.073

Sec. 732 9.072

Sec. 751 11.087

Sec. 752 3.099

Sec. 754 12.134

Sec. 1014 3.111, 3.113, 5.026, 8.059, 9.036, 9.084, 9.086, 15.052

Sec. 1014(b)(6) 9.038

Sec. 1014(e) 9.038

Sec. 1015(d) 9.034

Sec. 1031 13.067

Sec. 1035 12.015, 12.109

Sec. 1040 3.103

Sec. 1041 3.096, 3.097, 3.099, 3.100, 3.101, 3.102, 3.105, 3.108, 3.110, 3.118, 9.111, 15.001, 15.011, 15.012, 15.013, 15.015

Sec. 1041(c)(1) 3.096

Sec. 1042 15.001, 15.086

Sec. 1045 13.025

Sec. 1202 13.022, 13.023, 13.026, 13.029, 13.030, 14.021, 14.048–14.050, 14.065, 14.074, 14.132, 14.133

Sec. 1202(i) 13.030

Sec. 1239 9.012, 15.001, 15.028, 15.060

Sec. 1244 13.022, 13.031–13.037, 14.031, 16.014

Sec. 1244(c)(2)(C) 13.036

Sec. 1245 4.142, 15.026

Secs. 1272–1275 13.010

Sec. 1361(c)(2)(A)(iv) 4.116

Sec. 1362 9.058

Sec. 1362(e)(3) 14.083

Sec. 1362(f) 14.086

Sec. 1363(d)(3) 14.071

Sec. 1366(e) 15.001, 15.041

Sec. 1368 Ch 15 App

Sec. 1374 14.024, 14.070

Sec. 1375 9.058, 14.072

Sec. 1377 5.083

Sec. 1402(a)(1) 5.038

Sec. 1402(a)(3) 5.038

Sec. 1402(a)(10) 5.034

Sec. 1563 15.002

Sec. 1563(e) 15.001, 15.003

Sec. 1563(e)(5) 6.029

Sec. 1563(e)(6)(A) 6.030

Sec. 1563(e)(6)(B) 6.030

Sec. 1563(f)(3)(A) 6.028

Sec. 2010 3.010

Sec. 2010(c)(3)(C) 8.001

Sec. 2010(c)(4) 8.016

Sec. 2032A 9.089, 9.090, 10.012, 10.013, 11.011–11.012

Sec. 2032A(c)(1) 10.012

Secs. 2033–2044 8.025

Sec. 2035 8.051, 12.129, 12.142, 12.145

Sec. 2035(b) 9.034

Sec. 2035(d)(1) 12.143

Sec. 2036 11.084–11.087, 11.093, 11.094, 11.095, 16.050

Sec. 2036(a) 11.093, 11.094, 11.099

Sec. 2036(a)(1) 11.099

Sec. 2036(a)(2) 11.099

Sec. 2036(c) 9.014, 11.070

Sec. 2039 6.093

Sec. 2042 10.008, 12.118

Sec. 2042(2) 12.120

Sec. 2053 8.039

Sec. 2054 8.039

Sec. 2055 8.035, 8.036

Sec. 2056 8.029

Sec. 2056(a) 8.028

Sec. 2056(b)(7) 8.030

Sec. 2056(b)(8) 8.112

Sec. 2206 10.005

Sec. 2207 10.005

Sec. 2207A 10.005

Sec. 2503(a) 9.033

Sec. 2503(b) 8.065, 12.161

Sec. 2518 Ch 10 App I

Sec. 2601 8.078

Sec. 2611 8.078

Secs. 2701–2704 15.061

Sec. 2701 8.070, 9.015, 9.087, 15.070

Sec. 2701(e) 15.001, 15.064

Sec. 2702 8.069, 8.070, 8.071, 9.040, 9.108, 11.079, 15.070

Sec. 2702(b) 9.041

Sec. 2702(e) 15.001, 15.067

Sec. 2703 9.107, 9.108, 11.009, 11.027, 11.070, 11.072–11.077, 11.091, 15.069

Sec. 2703(a) 11.089

Sec. 2703(a)(2) 11.088

Sec. 2703(b)(3) 11.076

Sec. 2704 11.081–11.082

Sec. 2704(b) 11.092

Sec. 2707B 10.005

Sec. 3032A Ch 10 App I

Sec. 3121(v)(2) 5.141

Sec. 3121(v)(2)(C) 5.154

Sec. 4973(b) 6.068

Sec. 4978 13.109

Sec. 4979A 13.109

Sec. 6161 10.043

Sec. 6161(a)(2) 10.014

Sec. 6163(a) 10.053

Sec. 6165 10.016

Sec. 6166 6.129, 7.065, 8.007, 9.089, 10.018, 10.019, 10.020, 10.021, 10.023, 10.024, 10.030, 10.037, 10.039, 10.043, 10.046, 10.048, 10.050, 10.051, 10.062, 10.064, Ch 10 App I, Ch 10 App III, 12.061, 16.086

Sec. 6166(a)(1) Ch 10 App I

Sec. 6166(a)(2) Ch 10 App I

Sec. 6166(b) 10.027, 10.028

Sec. 6166(b)(2)(B) 10.031

Sec. 6166(b)(2)(C) 10.032

Sec. 6166(b)(3) 10.034

Sec. 6166(b)(6) 10.033

Sec. 6166(b)(7) 10.035

Sec. 6166(e) 10.045

Sec. 6166(g)(1)(B) 10.049

Sec. 6166(h) 10.047

Sec. 6601(j) 10.021

Sec. 6621(b) 10.015

Sec. 6662(e) 11.022

Sec. 6662(g) 11.022

Sec. 6662(h) 11.022

Sec. 7520 9.024, 9.029, 9.037, 9.039, 9.041, 9.045, 9.048, 16.049, 16.050

Sec. 7872 13.041, 13.043, 13.044

Sec. 7872(a) 13.042

Employee Retirement Income Security Act (ERISA) 5.044, 5.045, 5.072, 5.154, 5.169, 6.006, 6.011, 6.012, 6.014, 6.018, 6.019, 6.020, 6.021, 6.023, 6.069, 6.120, 14.041

I.R.C.

Sec. 691(a)(2) 9.020

Marital Uniform Premarital Agreements Act 2012 3.086

Small Business Jobs Protection Act (SBJPA) 1996 6.060, 9.099, 13.046, 14.086

Tax Act 2017 5.117, 5.149, 6.015, 8.039, 8.052, 8.055, 8.056, 9.006, 9.026, 12.108, 13.005, 13.052, 13.061–13.070, 14.008, 14.010, 14.021, 14.032, 14.041, 14.048, 14.059, 14.062, 14.087, 15.002, 15.057

Tax Reform Act 1986 5.077, 13.051, 15.077

TRA 1997 9.099

Uniform Premarital Agreement Act 1983 3.074, 3.086, 3.087

Revised Model Business Corporation Act (RMBCA) 4.067,

Sec. 7.32 4.065

Sec. 7.30 4.114

Sec. 7.30(b) 4.117

Sec. 7.32(a)(1) 4.065

Sec. 7.32(a)(6) 4.066

Sec. 7.32(a)(7) 4.066

Sec. 40 4.106

Sec. 40(a)(2) 4.062

Uniform Commercial Code

Section 8–204 4.094

California

Public Law 104-95 5.153

North Carolina

N.C.G.S., Sec. 30-3.1 3.075

Delaware

Gen. Corp. L. Chapter 1

Subchapter XIV Close Corporations, Special Provisions 4.067

Subchapter 05 Stock and Dividends, Section 174 4.052

New York

Bus. Corp. Law, Liability of Directors in Certain Cases, Sec. 719 4.052

Regulations

Reg. Sec. 1.1041-1T(d)Q-12 15.013

Reg. Sec. 1.1041-2 3.117

Reg. Sec. 1.1041-2(c) 3.117

Reg. Sec. 1.1361-(1)(b)(3) 5.060

Reg. Sec. 1.1361-1(h)(1)(v) 4.116

Reg. Sec. 1.1361-1(1)(4)(iii)(A) 5.148

Reg. Sec. 1.1362-6(a)(3) 14.078

Reg. Sec. 1.1368-1(g)(2) 5.083

Reg. Sec. 1.1402(a)-1(a)(2) 5.038

Reg. Sec. 1.1402(a)-2(c) 5.038

Reg. Sec. 1.1563-3(b)(5)(ii) 6.029

Reg. Sec. 1.163-7(c) 13.010

Reg. Sec. 1.197-2(h) 15.059

Reg. Sec. 1.197-2(h)(6) 15.059

Reg. Sec. 1.264-4(d)(1) 12.115

Reg. Sec. 1.264-4(d)(2) 12.115

Reg. Sec. 1.264-4(d)(3) 12.115

Reg. Sec. 1.264-4(d)(4) 12.115

Reg. Sec. 1.351-1(c)(1) 13.021

Reg. Sec. 1.401-(a)(9) 6.082

Reg. Sec. 1.401-1(b)(1)(ii) 12.147

Reg. Sec. 1-409A-3(f) 5.106

Reg. Sec. 1-409A-3(i)(6) 5.106

Reg. Sec. 1.409A-3(j) 5.106

Reg. Sec. 1.409A-3(j) 5.106

Reg. Sec. 1.414(m)(2)(c)(2) 6.035

Reg. Sec. 1.414(m)-2 6.035

Reg. Sec. 1.414(c)-1–1.414(c)-4 6.032

Reg. Sec. 1.414(c)(3)(b)(3–6) 6.032

Reg. Sec. 1.414(b)-1 6.025

Reg. Sec. 1.442(c) 14.121, 14.123, 16.019

Reg. Sec. 1.444-1T(b) 14.114

Reg. Sec. 1.704-l(e)(l)-(c)(3) 9.074

Reg. Sec. 1.701-2(d)) 9.074

Reg. Sec. 1.83-1(a)(1) 5.064

Reg. Sec. 1.83-3(e) 5.047

Reg. Sec. 1.83-3(h) 5.064

Reg. Sec. 1.83-6 5.063

Reg. Sec. 1.83-6(a)(2) 5.164

Reg. Sec. 1.83-3(d) 5.058

Reg. Sec. 20.2031-1 11.025

Reg. Sec. 20.2031-2(h) 11.070

Reg. Sec. 20.2036-1(c) 9.048

Reg. Sec. 20.2039-1(e) 9.048

Reg. Sec. 20.2042-(1)(c)(2) 12.122

Reg. Sec. 20.6161-1(a) Examples 1–4 10.016

Reg. Sec. 20.6161-1(a)(1) 10.016

Reg. Sec. 20.6161-1(c) 10.015

Reg. Sec. 20.6163-1(c) 10.053

Reg. Sec. 20.6165-1(b) 10.053

Reg. Sec. 20.6166-1(d) 10.046

Reg. Sec. 20.7520)(b)(3)(i) 9.025

Reg. Sec. 25.2512-5 9.025

Reg. Sec. 25.2512-6(a) 12.126

Reg. Sec. 25.2702-1 9.040, 9.041

Reg. Sec. 25.2702-3(b)(l)(ii)(B) 9.043

Reg. Sec. 25.2703-1(b)(2) 11.075

Reg. Sec. 25.2703-1(b)(3) 11.072

Reg. Sec. 31.3121(v) 5.143

Reg. Sec. 31.3121(v)(C) 5.147

Reg. Sec. 31.3121(v)(2)–1(b)(iv)(C)(2) 5.142

Reg. Sec. 31.3121(v)(2)–1(b)(iv)(C)(4) 5.142

Revenue Procedures

Rev. Proc. 92-64, 1992-2 C.B. 422 5.049

Rev. Proc. 92-65, 1992-2 C.B. 428 5.049

Rev. Proc. 93-27 5.088

Rev. Proc. 2001-43 5.089, 5.090

Rev. Proc. 2002-37 14.121, 14.123

Rev. Proc. 2003-34 14.121

Rev. Proc. 2005-25 12.126

Rev. Proc. 2013-30 14.084

Rev. Proc. 2016-47 6.114

Rev. Proc. 2017-58, 2017-45 I.R.B. 489 10.012, 10.021

Rev. Rul. 55-119, 1955- l C.B. 352 9.026

Rev. Rul. 59-60 11.024–11.052

Rev. Rul. 59-60, 1959-1CB 237 15.070, 15.073

Rev. Rul. 59-60, 1959-1 CB 242 11.032, 11.033, 11.034, 11.070

Rev. Rul. 60-302 15.060

Rev. Rul. 64-328, 1964-2 C.B. 11 12.090

Rev. Rul. 68-24, 1968-1 CB 150 12.148

Rev. Rul. 68-183, 1968-1 C.B. 308 9.021

Rev. Rul. 68-609 11.034

Rev. Rul. 76-274, 1976-2 C.B. 278 (as modified by Rev. Rul. 82-145, 1982-8 C.B. 213) 12.096

Rev. Rul. 78-137, 1978-1 C.B. 280 12.126

Rev. Rul. 81-202 6.061

Rev. Rul. 85-13, 1985-1 CB 184 8.054, 9.049, 12.109, 12.145

Rev. Rul. 93-12, 1993-7 CB 13 (1993) 11.030–11.031, 11.067, 15.001

Rev. Rul. 93-12, 1993-1C.B. 202 15.076

Rev. Rul. 93-68, 1993-2 C.B. 72 9.028

Rev. Rul. 2002-22, 2002-01 C.B., Notice 2002-31, 2002-1 C.B. 908 3.119

Rev. Rul. 2004-64 9.053

Rev. Rul. 2007-48 5.051

Rev. Rul. 2009-13 8.056

Rev. Rul. 2004-64, 2004-27 I.R.B. 7 9.053

SEC

Regulation D 13.094

Rules 504, 505, 506 13.094