Key Bankruptcy Considerations Heading into a RecessionQuarles & Brady
As the impact of the COVID-19 pandemic continues to evolve, US businesses are already feeling the impact of a potential economic downturn. Presenters will discuss key considerations that may present themselves in the event of a recession, including modification and forbearance agreements, amendment/default scenarios, risks regarding "slow pay" and termination of key contracts, and priority rights of suppliers in bankruptcy, as well as implications of the Small Business Bankruptcy Act for potential debtors.
Key Bankruptcy Considerations Heading into a RecessionQuarles & Brady
As the impact of the COVID-19 pandemic continues to evolve, US businesses are already feeling the impact of a potential economic downturn. Presenters will discuss key considerations that may present themselves in the event of a recession, including modification and forbearance agreements, amendment/default scenarios, risks regarding "slow pay" and termination of key contracts, and priority rights of suppliers in bankruptcy, as well as implications of the Small Business Bankruptcy Act for potential debtors.
How does Optimism impact on Entrepreneurs’ Overconfidence?CSCJournals
Optimism and overconfidence are well documented cognitive biases in the entrepreneurship literature (see Shepherd et al., 2015). Although these sentiments are typically thought to be almost overlapped, empirical studies make evidence of their different construct (see Trevelyan, 2008, 2011). In the paper at hand we investigate the descriptive and normative motivations inducing misconfidence biases to arise. First, we introduce the definition of optimism as underestimation of the task difficulty to meet a strategic Key Performance Indicator (KPI). Second, we define overconfidence as the tendency to overestimate the probability to achieve an uncertain task. To calculate this probability we set up a prescriptive benchmarking-based model. Third, we spotlight situations in enterprise risk management (ERM) where misconfidence biases in judgment emerge. Complementing Bordley et al. (2015) and Tibiletti and Uberti (2015) results, we show that overconfidence arises in presence of two extreme circumstances: (1) underestimation of task difficulty coupled with extremely poor entrepreneurial projects, and (2) overestimation of task difficulty coupled with extremely good entrepreneurial projects. Our theoretical findings match with accounted biased behaviors recognized among entrepreneurs known as the escalation and de-escalation of commitment effect biases. The study is based on the normative foundation for overconfidence set up by Bordley et al. (2015) and casts light on which circumstances that occurs. Our results have also practical implications. In fact, it is important for entrepreneurs be aware of situations where self-confidence is normatively biased.
Curso: SIGA, logística y patrimonio.
Días: 1, 2 y 3 de marzo. Ven y adquiere todos los conocimientos para manejar de manera exitosa el DEMO SIGA.
Mira los detalles del curso aquí: http://bit.ly/1KDezP5
Informes: RPM #948 163 352 / capacitacion@rc-consulting.org
Entérate de nuestros cursos disponibles AQUÍ => http://goo.gl/fcRnEi
Adquiere en DVD los cursos más importantes de la Gestión Pública => http://bit.ly/1M5Sz3f
Lee artículos especializados en nuestro blog => http://goo.gl/QecLGi
Sé parte de nuestra Comunidad Virtual GRATIS => http://goo.gl/A22Amb
Síguenos en Facebook => http://goo.gl/6vNsuf
Y en Twitter => http://goo.gl/Q6SEb6
CONTÁCTANOS...
R&C Consulting
Escuela de Gobierno y Gestión Pública
Av. Petit Thouars N° 2166 Piso 4, Lince - Lima Perú
Movistar: 9-9911-4921
RPM: # 956991632
RPC: 987-972-131
Fijo: (01) 2661067 Anexo 101
How does Optimism impact on Entrepreneurs’ Overconfidence?CSCJournals
Optimism and overconfidence are well documented cognitive biases in the entrepreneurship literature (see Shepherd et al., 2015). Although these sentiments are typically thought to be almost overlapped, empirical studies make evidence of their different construct (see Trevelyan, 2008, 2011). In the paper at hand we investigate the descriptive and normative motivations inducing misconfidence biases to arise. First, we introduce the definition of optimism as underestimation of the task difficulty to meet a strategic Key Performance Indicator (KPI). Second, we define overconfidence as the tendency to overestimate the probability to achieve an uncertain task. To calculate this probability we set up a prescriptive benchmarking-based model. Third, we spotlight situations in enterprise risk management (ERM) where misconfidence biases in judgment emerge. Complementing Bordley et al. (2015) and Tibiletti and Uberti (2015) results, we show that overconfidence arises in presence of two extreme circumstances: (1) underestimation of task difficulty coupled with extremely poor entrepreneurial projects, and (2) overestimation of task difficulty coupled with extremely good entrepreneurial projects. Our theoretical findings match with accounted biased behaviors recognized among entrepreneurs known as the escalation and de-escalation of commitment effect biases. The study is based on the normative foundation for overconfidence set up by Bordley et al. (2015) and casts light on which circumstances that occurs. Our results have also practical implications. In fact, it is important for entrepreneurs be aware of situations where self-confidence is normatively biased.
Curso: SIGA, logística y patrimonio.
Días: 1, 2 y 3 de marzo. Ven y adquiere todos los conocimientos para manejar de manera exitosa el DEMO SIGA.
Mira los detalles del curso aquí: http://bit.ly/1KDezP5
Informes: RPM #948 163 352 / capacitacion@rc-consulting.org
Entérate de nuestros cursos disponibles AQUÍ => http://goo.gl/fcRnEi
Adquiere en DVD los cursos más importantes de la Gestión Pública => http://bit.ly/1M5Sz3f
Lee artículos especializados en nuestro blog => http://goo.gl/QecLGi
Sé parte de nuestra Comunidad Virtual GRATIS => http://goo.gl/A22Amb
Síguenos en Facebook => http://goo.gl/6vNsuf
Y en Twitter => http://goo.gl/Q6SEb6
CONTÁCTANOS...
R&C Consulting
Escuela de Gobierno y Gestión Pública
Av. Petit Thouars N° 2166 Piso 4, Lince - Lima Perú
Movistar: 9-9911-4921
RPM: # 956991632
RPC: 987-972-131
Fijo: (01) 2661067 Anexo 101
Best Known as a real estate agent, Boris Gantsevich assists clients to achieve real estate desires. He delivers important knowledge to clients about real estate market and properties. Whether you are buying or selling he guides his clients through the process.
Transfer penalties for VA claimants are expected to be implemented in February 2016. What does that mean for your trust drafting services? Will we need to change the language in our trusts? Or, worse yet, start using totally new trusts? Attend the upcoming VA Tech School Training with Dave & Victoria on December 2nd at 12 EST on Drafting Trusts After the Laws Change.
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Business Valuation Principles for EntrepreneursBen Wann
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
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Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Improving profitability for small businessBen Wann
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
3. Like Kind Exchanges
Types of Assets Commonly Exchanged
• Real Estate (fee, easements, long-term leaseholds)
• Mineral interests (royalties, leaseholds)
• Aircraft
• Vehicles
• Equipment
• Rolling stock
• Intangibles (licenses, brands, franchise or distribution rights)
July 11, 2013 3
4. Representative Transactions
$1.30 Billion Forward Exchange on 5 Times Square, NYC
$1.25 Billion Forward Exchange on 280 Park Avenue, NYC
$1 Billion Reverse Exchange on 399 Park Avenue, NYC
$300 Million Reverse Exchange on Westin Waterfront Hotel, Boston
$300 Million Forward Exchange on Portfolio of Multifamily assets
$234 Million Forward Exchange on Riverfront Plaza, Richmond VA
$230 Million Forward Exchange on Long Wharf Marriot, Boston
$225 Million Forward Exchange on One California Plaza, Los Angeles
$207 Million Forward Exchange on 100 East Pratt Street, Baltimore
$205 Million Forward Exchange on 5 Embarcadero Center, San Francisco
$45 Million Forward exchange of development rights
$150MM Reverse exchange involving Fortune 50’s replacement of its fleet of Gulfstream aircraft
$33 Million Reverse exchange of Oil & Gas rights
July 11, 2013 4
5. • Forward Exchange
• Reverse exchange
• Related Party Exchange Rules
July 11, 2013 5
Like Kind Exchange Basics
6. Forward Exchange – Used When:
• Client is selling a business or investment property.
• Client intends to replace it with new business or investment
property.
• Old property will be sold before the new property is acquired.
• In a forward exchange, we hold FUNDS.
July 11, 2013 6
7. Reverse Exchange – Used When:
• Client is selling a business or investment property.
• Client intends to replace it with new business or investment
property.
• New property will be acquired before the old property is sold.
• In a reverse exchange, we hold PROPERTY.
July 11, 2013 7
8. Improvement Exchange - Used When:
• Client is selling a business or investment property.
• Client intends to replace it with new business or investment
property.
• FMV of new property < FMV of old property
• The new property will be improved, and the increased value is
needed to defer gain.
• In an improvement exchange, we hold property, and build on
it.
July 11, 2013 8
9. 9
Like-Kind Exchange- Property Limitations
• Property must be:
– “Held for” -- means it must have been owned for some time
– Business or investment
– Excludes dealer property, inventory, stock and securities
• Like-Kind Standard
– Real estate-very broad, improved or not, type of improvements or
use does not matter
– Personal property-like class or like-kind (more restrictive)
10. 10
Like-Kind Exchange-Computational Rules
• RP must be of equal or greater value.
• All of the net proceeds from the RQ must be invested in the
RP.
• Must cover all the debt on RQ with debt on the RP or
additional cash (mortgage boot).
• If there’s a shortfall, the exchange is partially taxable.
However, if the value of the RP is less than the taxpayer’s
basis in the RQ, then it’s FULLY taxable.
11. Forward Exchange – “Down Leg”
• Before closing, T enters into exchange agreement with QI.
• T assigns its rights under the P&S to the QI.
• QI sets up a bank account at RTC for T’s exchange.
• QI notifies the buyer of the old property that the sale is part of an
exchange and supplies wiring instructions and instructions for
preparation of the settlement statement.
• T transfers old property directly to buyer (direct deeding).
July 11, 2013 11
12. Common “Down Leg” Issues
• Identity of the taxpayer.
• Qualified use (holding period, mixed use properties).
• Use of funds to pay debts and closing costs. (Prorations, security
deposits, cross-collateralization, defeasance, etc.)
• Seller financing.
• Taxpayer needs some cash at closing.
July 11, 2013 12
13. Forward Exchange-Next Steps
• T has 45 days to identify new property (alternative ID rules: 3
property/200% rules).
• If T does not identify, exchange ends on Day 46
• Once T identifies, the funds must be held until the end of the 180
days, and can only be used to acquire identified property
• T has 180 days to close on the new property, any unused funds are
then disbursed
• The old and new property must be “like-kind”.
July 11, 2013 13
14. Common Exchange Problems
• Taxpayer changes their mind during the ID period and wants the
funds-–must wait until the 45 day ID period expires
• Taxpayer wants to change the ID -–OK during the ID period, but
NOT once the ID period ends
• Taxpayer identifies property, but is unable to close on any of them
and wants the funds early -–funds must sit until after Day 180
• Actual or constructive receipt of any amount from the QI during
the exchange makes the entire transaction taxable, and may cause
the QI to be the taxpayer’s agent, precluding the QI from doing
any further exchanges for the client, and according to the IRS,
other clients as well
July 11, 2013 14
15. Common “Up Leg” Issues
• Sufficient value of replacement property.
• Depreciation recapture on personal property.
• Accuracy of ID.
• Use of funds: deposits, paying loan and due diligence costs.
• Sending the funds to taxpayer’s attorney for closing.
• Amount of financing.
• Title and ownership issues on replacement property.
July 11, 2013 15
16. Reverse Exchanges
• Rev. Proc. 2000-37 establishes a “safe harbor for reverse
exchanges (qualified exchange accommodation arrangements).
• Two principal uses:
– Timing: new property closing prior to old
– Value: Improve the new property while accommodator owns it
• T can receive all of the economic benefits (except tax
depreciation) during the time of the QEAA.
• Accommodator must treat the property as if it is the owner for tax
purposes.
July 11, 2013 16
17. Reverse Exchanges
• Significantly more documents and more risk for the
accommodator.
• Risks mitigated by insuring property and T’s indemnity.
• T, an affiliate or third party lender (or combination) can loan
purchase price.
• T can manage the property or manage the LLC owning the
property.
• Transfer is effected by an option to purchase that is exercised
when the old property sells.
July 11, 2013 17
18. Common Reverse Exchange Issues
• Setting up rents, security deposits.
• Getting rents to the taxpayer for tax purposes.
• Structuring financing on parked replacement property.
• Improvement exchanges- documenting construction expenses.
• Improvement exchanges -disbursement of exchange funds.
July 11, 2013 18
19. Related Party Exchange Rules
• Two related parties can enter into a direct exchange, if each holds
its replacement property for 2 years.
• Taxpayer cannot sell its property to a third party through a QI and
then buy replacement property from a related party (Rev. Rul.
2002-83) using cash held by QI.
• Taxpayer can sell its relinquished property to a related party to
commence an exchange, and the related party does not need to
hold the property for 2 years.
• Taxpayer can buy its replacement property from a third party
PROVIDED that the related party is also doing an exchange.
• THERE ARE MANY STRATEGIC APPLICATIONS OF THESE RULES TO
MINIMIZE TAX LIABILITY!
July 11, 2013 19
20. 20
Rev. Proc. 2008-16
Safe Harbor for Vacation/Rental Homes
• Creates a safe harbor on whether a mixed vacation/rental house is
considered “held for investment.”
• Before this, there was some doubt as to what standard applied. Was
it the “primary” purpose? Did ANY personal use disqualify the property
from §1031?
• The held for investment requirement applies to both RQ and RP.
21. 21
Rev. Proc. 2008-16
RQ Property Requirements:
• Property must have been held for 24 months before the sale.
• During each 12 month period before the sale the property must meet
all of the following:
– The property must have actually been rented out.
– To a person (cannot be related under §267 unless the residence is
the related person’s principal residence).
– For at least 14 days.
– At “fair value.”
• The property cannot have been used for personal purposes for more
than THE GREATER OF:
– 14 days, or
– 10% of the days it was actually rented out.
22. 22
Rev. Proc. 2008-16
RP Property Requirements:
• The same requirements will apply to the RP (24 month hold,
minimum 14 days of fair value rental, and personal use limit).
• The IRS says that if you do not meet the RP requirements, you
should file an amended return claiming that no exchange
occurred. (This should not be the case, it would be outside the
safe harbor, but would not necessarily mean that the exchange
is a failed exchange…)
23. What happens when investment property is
later converted to personal use?
• As long as Rev. Proc. 2008-16 is satisfied, later conversion
to a vacation home is within the safe-harbor and the IRS will
not challenge the exchange on the basis of mixed use
• If taxpayer converts to principal residence, then the Section
125 gain exclusion cannot be claimed until after 5 years
from the acquisition date of that property
• If taxpayer changes use in year 3 and occupies for 2 of the
last 5 years, then the taxpayer may exclude $250K/$500K of
capital gain under Section 125
July 11, 2013 23
24. Case Study #1 –Equipment Dealer
• Customer is selling their old commercial building for
$600,000
• Customer has P&S for land for $100,000 and plans to
construct a new steel building for $500,000
• Compass set-up an “improvement exchange” using the
money from the old building to acquire the new land and
fund the improvements by paying the contractors
• For our fee of $12,500 we saved customer approximately
$150,000 in tax
July 11, 2013 24
25. Case Study #2 – McDonald’s Franchises
• Customer is selling 5 McDonald’s restaurants in Western MA
for $8MM
• Customer had an agreement to buy 7 McDonald’s in CT for
$15MM on the next business day
• Compass set-up an exchange in which we received the
purchase funds from Citizens Bank, and paid off the existing
loan with Chase on the new stores
• For our fee of $7,500 we saved customer $1.0MM in tax
liability
July 11, 2013 25
26. Case Study #3 – Trucking
Company
• Customer is selling several tractors and trailers for $300,000
• Customer is buying a business for $1.0MM that includes
specialized tractors and roll-off trailers
• Using customized exchange documents, we used the funds
to purchase part of the business assets which were “like-
kind” to the tractors and trailers that were sold
• For our fee of $3,500 we saved customer approximately
$130,000 in tax liability
July 11, 2013 26
27. Like Kind Exchanges
Benefits to Rockland Trust
• Fee income
• Balances-can be lumpy but balances nonetheless
• Customer goodwill from a service that is always worth more
than it costs
• Possibility of lending on replacement property side
July 11, 2013 27
28. Like Kind Exchanges
Benefits to the Business Banker
• Opportunity to be a trusted adviser
• Presentations to centers of influence, attorneys and CPAs to build
goodwill
• Help distinguish Rockland Trust from other banks that do not offer
this service, or not at our level of sophistication
July 11, 2013 28
29. Bio
Andrew F. Gelson, Esq. (Managing Director) is responsible for Compass’
strategic, legal, and product development activities. Andy has 27 years of
experience practicing real estate and tax law and specializes in IRC §1031. Prior
to co-founding Compass, he was Senior Vice President and General Tax Counsel at
J.P. Morgan Property Exchange Inc. (JPEX) where he had primary responsibility for
executing more than $20 billion of exchange transactions on behalf of corporate
and institutional property owners.
Andy is admitted to the bar in CA and MA and holds a BS from Boston College, a JD
from Southwestern University, and an LLM (in Taxation) from New York University.
He is also an active member of the American Bar Association (ABA) Tax Section
and the Equipment Leasing and Financing Association and has spoken and written
about various exchange topics, including exchanges of oil and gas properties.
July 11, 2013 29
30. Andrew F. Gelson
Managing Director
Andrew.Gelson@Rocklandtrust.com
Compass Exchange Advisors LLC
2036 Washington Street
Hanover, MA 02339
Tel: 508.830.1188
Direct: 781-982-6738
Fax: 508.830.1288
www.compass1031.com
July 11, 2013 30