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About the Teleseminar
Despite the best laid plans and careful draftsmanship, errors occur in transactions and their underlying documents. The parties may have had a misunderstanding of a crucial fact or there may have been a misunderstanding of the applicable law, leaving the parties with a practically or legally defective arrangement. Or a simple drafting error may have been made in one or more of the transaction’s underlying documents. Rescission, backdating and other forms of transactional modification are available to correct these mistakes. This program will provide you with a practical guide to using rescission, backdating and other forms of modification to fix transactional errors, teach you about the best uses and limits of each technique, and discuss the tax and other consequences of using these techniques.
- Use of rescission, backdating and other forms of modification to fix transactional documents after the fact
- Correction of errors, memorialization or ratification of past actions, clarification of ambiguity in documents
- Types of modifications – rescission, backdating of initial actions, backdating modifications
- Practical efficacy and limits of rescission and backdating
- Special use of rescission to save S Corp status of a corporation
- Tax consequences of rescission and other corrective measures
About the Speaker
Allen Sparkman is a partner in the Denver and Houston offices of Sparkman Foote, LLP. He has practiced law for over thirty years in the areas of estate, tax, business, insurance, asset protection, and charitable giving. He has written and lectured extensively on choice-of-entity, charitable giving and estate planning topics. He is the Colorado reporter for the books "State Limited Partnership Laws" and "State Limited Liability Company Laws," both published by Aspen Law & Business. He has also served as president of the Rocky Mountain Estate Planning Council. Mr. Sparkman received his A.B. with honors from Princeton University and his J.D. with high honors from the University of Texas School of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour (Tentative)