Tax Issues to Consider in Negotiating a Joint Venture Transaction: This program will discuss the consequences and negotiations involving the contribution of built-in gain/loss property (“Sec. 704(c) property") to a partnership that carries a broad range of tax issues. The Section 704(c) regulations require a special tracking of built-in gains and losses to the contributing partner, and may also require special allocations of tax depreciation. Phantom income may also arise when Sec. 704(c) property is distributed other members. This presentation will cover these issues and highlight planning ideas, as well as, identify tax traps along the way. We will also discuss negotiation of tax protection agreements and future exit strategies.