Business Owner Succession Planning (BOSP)

W. Verne McGough, Jr., JD, LL.M, Ian J. Redpath, JD, LL.M, Edward A. Renn, Esq., Michael J. Tucker, J.D., CPA (moderator)
  • 3
  • Intermediate
  • Taxes

Individual course: $99
Best Value: All-Star Tax Season Pass
Volume Discounts: 
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Most small and medium-sized business owners anticipate retiring at some point, and should plan for a succession by family members or third parties. This program discusses tax and legal concerns associated with giving up control and ownership of a business. Panelists will discuss succession plan options available to business owners, ranging from outright sale to family members or third parties to a family limited partnership. Different approaches may apply depending on whether a business is organized as a corporation or partnership.

Major Topics:

  • Differences between an asset sale and a stock sale
  • Tax consequences associated with the sale of a partnership/MMLLC interest
  • Section 754, Section 338 and Section 338(h)(10) elections
  • Consulting agreements and employment agreements between buyers and sellers
  • Redeeming the stock or buying back the partnership interest of a controlling family member
  • Buy-sell agreements
  • Business transfers using grantor retained annuity trusts or grantor retained unitrusts
  • Selling a business using a private annuity
  • Transferring an interest in a family business using a family limited partnership

Learning Objectives

  • Understand the tax aspects associated with the various tax-advantaged ways by which an older family member can exit the family business
  • Understand the various options available to structure a business succession plan

Tax practitioners who anticipate advising clients with respect to implementing a business succession plan

A basic understanding of business entity types and taxation of sales of businesses




Varies by state. Check back soon for details