NYPEN Accounting & Tax Series Overview: The series consists of evening education seminars designed to teach attendees about accounting and tax topics commonly encountered by private equity and venture capital investors. The seminars will be taught by professionals from Ernst & Young's Transaction Advisory Services practice, who will draw upon their deal experience to share insights on key issues facing investors in structuring and executing equity investments, leveraged buyouts and recapitalization transactions. The series will offer attendees the opportunity to improve their working knowledge of critical accounting and tax concepts and will address how investing professionals can avoid commonly made mistakes in completing transactions. The April session in the 2006 NYPEN Accounting & Tax Series will focus on issues in modeling taxes in private equity financial models. The session will be held on April 18th and will address the most commonly asked tax modeling questions, and will include examples of how to address them. Below is a sample of the themes and commonly asked questions that will be discussed during the session: 1) Tax Basis Step-Up - when should you assume that a tax basis step-up can be achieved? 2) Cash Taxes – what are the common Book vs. Tax timing differences? 3) NOLs - how much of an acquisition target’s NOLs can be used post close, and how should the use of NOLs be modeled? 4) Tax Deductibility of Leverage - is the leverage used in an acquisition always deductible? The following are the details for the session: Date: Tuesday, April 18, 2006 Location: Ernst & Young's office - 5 Times Square (7th Ave b/w 42nd and 41st Streets) Time: 7:00 pm - 8:30 pm (followed by cocktails) If you did not receive the email directly from NYPEN, please register for NYPEN membership at www.nypen.org and email [email protected] to be added to the RSVP list.