Higher Education, Exempt Organization & Governmental Financings - Tax Presentation

November.07.2016

Topics covered:

Qualified Equity - Allocation & Accounting Rules for Private Business Use
Refunding Into Flexibility - Anticipatory Remedial Action In Connection With A Refunding
Maximizing The Insubstantial - Multipurpose Elections &The $15 Million Limitation
The Changing Landscape Of Private Service Contracts: Revenue Procedure 2016-44
Private Business Use - Research Contracts
Private Business Use - Material Transfer Agreements
Private Business Use - Incidental Use Exception & Examples & Short Term Use Exception
Private Business Use - Naming Rights Principles
Improving Post-Issuance Compliance
Medical Centers and Private Business Use
Build America Bonds - Cross-Over Refundings
Replacement Proceeds Issues

Authors

Larry Sobel Partner, Tax

Los Angeles; Houston

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D:+1 213 612 2421
E: [email protected]

Practice:

Finance Sector
Tax

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As both bond counsel and underwriter’s counsel, he has been responsible for structuring and analyzing the tax aspects of many tax-exempt financings throughout the country.

Larry has extensive experience in handling IRS audits of bond transactions. He has represented issuers in dozens of audits all of which have ended favorably either with the IRS issuing a “no change” letter or by negotiating a reasonable settlement when needed. Larry also has handled a number of submissions under the IRS’ Voluntary Closing Agreement Program (or VCAP). The two most recent VCAP submissions represented cases of first impression for the IRS; one involving an issue of qualified energy conservation bonds relating to determining the amount of those bonds eligible for the federal subsidy; the other involved the plan to convert a “new money” bond issue into an advance refunding (which did not meet all of the requirements for a tax-exempt advance refunding). Both cases ultimately were resolved on the original terms proposed to the IRS.

Larry has also been instrumental in developing new financing techniques and structures. He first devised the tax structure and analysis for, and has served as tax counsel on, Orrick’s tax exempt tobacco revenue securitizations. He has developed the tax structure on numerous tax-exempt prepayments for natural gas for municipal utilities both within and outside of California.

Charles C. Cardall Partner, Tax

San Francisco

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D:+1 415 773 5449
E: [email protected]

Practice:

Finance Sector
Tax

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Charles C. Cardall Partner

San Francisco

He also has legal experience relating to both charter schools and the federal income tax classification of governmental and quasi-governmental entities. He has consulted on thousands of tax-exempt, build America and tax credit bond issues and has developed deep knowledge in almost every tax aspect of municipal finance. Private activity bonds for multifamily housing, solid waste, charter schools and independent schools are areas of particular focus in his practice, as are higher education, short-term and long-term working capital and the various forms of pooled financings. Chas also has advised numerous clients experiencing financial distress or bankruptcy in tax matters relating to their municipal bonds. Representative active clients include the State of California, the University of California, the Bay Area Toll Authority, and Charter School Capital.

As a legal and policy advocate, Chas represents both government and non-government clients in federal tax rulemaking matters and in IRS proceedings, including the various types of tax-exempt bond audits, voluntary compliance (VCAP) requests and requests for private letter rulings. He has successfully closed IRS examinations relating to solid waste, water and wastewater, working capital, healthcare, pooled, multifamily housing, and industrial development bond financings. He has obtained multiple private letter rulings and technical advice memoranda and has been integrally involved in numerous regulation and legislative projects. He has found that a close working relationship with IRS and Treasury Department personnel often is critical to obtaining good results for clients.