Los Angeles Lawyer December 2016 - The Los Angeles County Bar ...

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THE MAGAZINE OF THE LOS ANGELES COUNTY BAR ASSOCIATION

DECEMBER 2016 / $5

EARN MCLE CREDIT

PLUS

NEW PARTNERSHIP AUDIT RULES

SOCIAL MEDIA IN LITIGATION

page 24

page 30

Estate Form 8971 page 12

On Direct: Eli Broad page 8

Ready

Capital Los Angeles lawyer Mark Hiraide analyzes the regulatory regime and impact of the Jumpstart Our Business Startups (JOBS) Act page 18

F E AT U R E S 18 Ready Capital BY MARK HIRAIDE

The Jumpstart Our Business Startups Act provides new ways to conduct public offerings exempt from SEC registration thereby legalizing crowdfunding

24 Finding the PATH BY TERENCE FLOYD CUFF

Designation of a partnership representative to handle IRS audits and distinguishing the review year from the adjustment year of the audit are key elements in new partnership audit rules found in the Protecting Americans From Tax Hikes Act Plus: Earn MCLE credit. MCLE Test No. 263 appears on page 27.

30 Damage Control in the TMZ Era BY MANNY MEDRANO AND RALPH FRAMMOLINO

Long before the rise of social media, the U.S. Supreme Court decided that attorneys have not only the right but also the obligation to defend their clients in the court of public opinion

Los Angeles Lawyer the magazine of the Los Angeles County Bar Association December 2016 Volume 39, No. 9 COVER PHOTO: TOM KELLER

D E PA RT M E N T S 8 On Direct Eli Broad INTERVIEW BY DEBORAH KELLY

12 Tax Tips New rules for basis consistency reporting of inherited assets BY MEGAN FERKEL EARHART AND

10 Barristers Tips Practical considerations in starting a solo practice BY JOHN D. FOWLER

PAUL GORDON HOFFMAN

36 Closing Argument Statutory transcription rates do not apply to private court reporters BY JEFFREY HURON, PHU NGUYEN, AND JYOTI AVILA

LOS ANGELES LAWYER (ISSN 0162-2900) is published monthly, except for a combined issue in July/August, by the Los Angeles County Bar Association, 1055 West 7th Street, Suite 2700, Los Angeles, CA 90017 (213) 896-6503. Periodicals postage paid at Los Angeles, CA and additional mailing offices. Annual subscription price of $14 included in the Association membership dues. Nonmember subscriptions: $38 annually; single copy price: $5 plus handling. Address changes must be submitted six weeks in advance of next issue date. POSTMASTER: Address Service Requested. Send address changes to Los Angeles Lawyer, P. O. Box 55020, Los Angeles CA 90055.

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VISIT US ON THE INTERNET AT WWW.LACBA.ORG/LALAWYER E-MAIL CAN BE SENT TO [email protected] EDITORIAL BOARD Chair TED M. HANDEL Articles Coordinator JOHN C. KEITH Assistant Articles Coordinator SANDRA MENDELL Secretary TYNA ORREN Immediate Past Chair DONNA FORD JERROLD ABELES (PAST CHAIR) ETHEL W. BENNETT SCOTT BOYER CHAD C. COOMBS (PAST CHAIR) THOMAS J. DALY GORDON K. ENG STUART R. FRAENKEL MICHAEL A. GEIBELSON (PAST CHAIR) CHRISTINE D. GILLE STEVEN HECHT (PAST CHAIR) DENNIS F. HERNANDEZ JUSTIN KARCZAG MARY E. KELLY (PAST CHAIR) ERIC KINGSLEY KATHERINE KINSEY RENA KREITENBERG JENNIFER W. LELAND PAUL S. MARKS (PAST CHAIR) MICHAEL MAUGE COMM’R ELIZABETH MUNISOGLU CARMELA PAGAY GREGG A. RAPOPORT GARY RASKIN (PAST CHAIR) JACQUELINE M. REAL-SALAS (PAST CHAIR) LACEY STRACHAN THOMAS H. VIDAL STAFF Editor ERIC HOWARD Art Director LES SECHLER Director of Design and Production PATRICE HUGHES Advertising Director LINDA BEKAS Administrative Coordinator MATTY JALLOW BABY Copyright © 2016 by the Los Angeles County Bar Association. All rights reserved. Reproduction in whole or in part without permission is prohibited. Printed by R. R. Donnelley, Liberty, MO. Member Business Publications Audit of Circulation (BPA). The opinions and positions stated in signed material are those of the authors and not by the fact of publication necessarily those of the Association or its members. All manuscript