Rescission in Business Transactions: How to Fix Something That's Gone Wrong



  • Available Until 4/18/2020
  • Next Class Time 11:00 AM MT
  • Duration 60 min.
  • Format MP3 Download
  • Program Code 0117575
  • MCLE Credits 1 + hours

Course Price: $89.00


Despite the best-laid plans and careful drafting, errors occur in transactions and their underlying documents. The parties may have had a misunderstanding of a crucial fact or 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. This program provides 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 discusses the tax and other consequences of using these techniques.

• Types of temporal modification—rescission, backdated initial actions, backdated modification
• Legitimate reasons for after-the-fact modification of transactions
• Statutory and common law recognition of rescission
• Permissibility of backdating certain transactions
• Special use of rescission to save S corporation status
• Tax consequences of rescission and other corrective measures

Speaker: Allen Sparkman is a partner in the Houston, Fort Worth, and Denver offices of Sparkman Foote LLP. He practices 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, and coauthor of Using Limited Liability Companies, Partnerships, and Limited Partnerships in Colorado, published by CLE in Colorado, Inc. (1*4229, 4/18/17)