Tax Lawyer

The Practical
Tax Lawyer
volume 29 | number 3 | spring 2015
Succession Planning for Dental and Dental
Specialty Practices
William P. Prescott and Mark P. Altieri
Several Simple Examples of Partnership
Exchange Tax Issues (Part 2)
5
Dental and dental specialty practices continue to maintain the
highest values among privately owned businesses, well ahead
of veterinary, optometry, and many medical practices. As such,
this article by William P. Prescott and Mark P. Altieri discusses
the exit choices for dental and dental specialty practices in
light of determining their value. Exit choices that the authors
discuss include complete sale, hiring an associate and making
the sale later, co-ownership, solo group arrangements, merger,
and walking away. The authors also discuss valuation of dental
practices, and they cover topics including valuation methods,
asset valuation, capitalization of earnings, similar practices,
verification analysis, and balancing the tax effects.
Who Uses Research Tax Credits?
Kreig D. Mitchell 13
One way to understand the research tax credit is to consider
who typically benefits from it. IRS statistics show that the
research tax credit primarily benefits manufacturers, technical
consultants, and companies with in-house research projects.
This article by Krieg D. Mitchell, excerpted from his ALI CLE
book, Research Tax Credits, addresses the types of individuals
and businesses most likely to take research tax credits, such
as technical consultants, companies with in-house projects,
as well as what constitutes qualified research and activities.
The author also discusses qualified research expenses, how
the credit is computed, and some of the rules that can put the
credit at risk.
Terence Floyd Cuff 23
This article addressing partnership exchange tax issues is excerpted from a course paper the author prepared for the ALI
CLE Course of Study, Creative Tax Planning for Real Estate Traactions. Topics covered in this article include redemption of a
partner midway through an exchange, allocation of gain from
an exchange, and combined exchange and installment sales.
The author’s paper covers more topics, several of which will be
covered in the Summer issue of The Practical Tax Lawyer. Please
contact ALI CLE for more information on this paper.
Can Lawyers Learn To Be Happy?
Ted David
55
Every lawyer has heard a story about a classmate or colleague
who just got fed up with practicing law, developed a substance
abuse problem, or burned out altogether. So is happiness even
an option for lawyers? According to this article by Ted David,
the answer is an unequivocal “yes.” Against a background
of research into what seems to make people happy in their
work and professions, the author discusses the “Golden Ratio,”
the plight of the overachiever, perceptions of achievement,
“happiness traps,” and the cultural factors that can lead to
unhappiness in the practice of law.
To purchase the online version of this issue, go to www.ali-cle.org and click on “Articles and Forms Online.”
Back issues, individual articles, and forms are also available there.
The Practical
Tax Lawyer
Joseph DiPietro, Editor
Sue Cyliax, Marketing
EDITORIAL BOARD
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Fox Rothschild LLP, Philadelphia and West Palm Beach
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Winstead, PC, Dallas, Texas
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Texas Tech University School of Law
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