What is NSAC's Cooperative Learning Network?
A NSAC Cooperative Learning Network is a live, interactive 60-minute conference presented over the telephone and over the Internet. You can attend from any location that has telephone and Internet access. You pay just one registration fee for as many participants as you wish at each call/log-in location.

Note that high-speed Internet access is not mandatory – the system works with dial-up but you must have separate connections for the audio and video portions. You may use cell phones for the audio if you have only one connection.

Who presents at one of these sessions?
Your Cooperative Learning Network will have one or more speakers who are recognized experts on the topic. Conferences typically include a Q&A session; you can ask questions by phone or instant messaging options.

CPE Credits
The National Society of Accountants for Cooperatives (NSAC) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Delivery Method: Group-Live.

CLN Policies
Refunds for CLNs are not provided. Registrants if unable to participate will be provided credit for a future CLN or may opt to be sent a copy of the CLN PODCast following the event. Note PODCasts are not eligible for CPE credit.

For more information regarding refund, complaint and/or CLN cancellation policies, please contact our offices at (937) 222-6707 or info@nsacoop.org.

What does my registration include?
Your registration includes long-distance charges for the audio portion and log-in to the video presentation. All handouts and presentation files are downloadable and may be printed out or saved to the participant's computer once they are logged in to the session meeting room. Sessions include one CPE Certificate of Attendance. Certificates for additional participants are $10.00 each.

Why NSAC Cooperative Learning Networks?

No wasted time. Get right to the heart of the matter in a 60-minute session designed to easily fit into your busy schedule.

No airlines. No travel. No time out of the office. Listen and follow along from the comfort and convenience of your desk or conference room.

A telephone and computer are all the equipment you need. Just dial in and log-in to the system. That's it.

Ideal for multiple attendees.
Use a speakerphone and projector and invite as many people as you want to participate - at no extra cost to you.

NSAC Cooperative Learning Networks are a fraction of the cost of travel and attendance fees for other high-priced conferences or seminars.

Cooperative Learning Network

Discounted Redemptions: Developments with Sub T and Electric Utility Cooperatives
Date: Thursday, November 06, 2008
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Dan Schultz, CPA with Cooperative Consulting, LLC and Bill Miller, CPA with Bolinger, Segars, Gilbert & Moss, LLP
Objective: To discuss recently published IRS private letter rulings on the issue of discounted equity redemption plans and to apply the principles of these published rulings to discounted equity redemption plans of both Sub-chapter T and electric utility cooperatives.
Field of Study: Taxes and Accounting
Program Level: Intermediate
CPE Credit: 1 Credit Hour
Delivery Method: Group-Live

No advanced preparation or prerequisites are required for this course.

Course Description
This CLN will (1) provide an overview of redeeming patronage capital on a discounted basis, (2) provide an overview of the common reasons cooperatives redeem patronage capital at a discount, (3) discuss and compare the private letter rulings issued by the IRS from 2006 through 2008 to electric cooperatives, (4) discuss longstanding IRS position for Subchapter T cooperatives and compare to the Goldkist 11th circuit decision, (5) walk through the steps for implementing a discounted patronage capital redemption plan based on published IRS rulings, and (6) walk through a common example and the impact to both the Cooperative and the patrons.

Presenter Bio(s)
Bill Miller, CPA is a tax partner at the accounting firm of Bolinger, Segars, Gilbert and Moss in Lubbock, Texas. He began his career with the firm in 1992 and holds an accounting degree from the University of Texas.

Bill is in charge of the firm's utility tax practice, which provides tax and consulting services to the firm's audit clients with an emphasis on the firm's exempt and non-exempt electric, telephone and agricultural cooperatives and related subsidiary companies. His responsibilities include tax return preparation, tax planning, recommendations for entity selection and organizational structure and recommendations for structuring plans to allocate and redeem patronage capital.

Bill and his wife Kim, along with their two year old daughter, reside in Lubbock, Texas.

Dan Schultz is a CPA with Cooperative Consulting, LLP and before retiring as a tax partner in 2004 had served as National Director of tax services to cooperatives for PricewaterhouseCoopers. He spent thirty-four years in the Minneapolis and St. Louis offices of PWC and has been working with cooperatives for over thirty years.

His co-op tax experience includes due diligence and tax planning in connection with several major co-op mergers and LLC joint ventures, representing co-ops in handling IRS examinations and appeals, planning large acquisition and financing transactions and helping clients develop and restructure patronage programs.

Dan's many professional activities include involvement in several reporting subcommittees of the Legal, Tax and Accounting Committee of the National Council of Farmer Cooperatives and he serves as a member of the Tax committee for the National Society of Accountants for Cooperatives (NSAC). He is also a member of the National Cooperative Business Association.

He graduated from the University of Minnesota and is a member of several professional accounting and community service organizations.

A PODCast of this workshop is now availble. Click here to order/view.

Additional Information

For more information regarding this series or administrative policies such as complaint and refund, please contact the NSAC National offices, 136 S. Keowee St., Dayton, OH 45402, 937-222-6707, email: info@nsacoop.org