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Taxation of Financial Products and Transactions 2014


Speaker(s): Alan B. Munro, Alan J.J. Swirski, Douglas E. Chestnut, Erika W. Nijenhuis, G. Garner Prillaman, Jr., Gary B. Wilcox, Helen M. Hubbard, Helen Yanchisin, Humberto M. Reboredo, Jean A. Pawlow, Jeffrey L. Dorfman, Jo Lynn Ricks, Joshua D. Odintz, Karl Russo, Kathryn H. O'Brien, Lucy W. Farr, Natalie Hodapp, Richard G. Larkins, Robert B. Williams, William Lu, William M. Paul
Recorded on: Jan. 9, 2014
PLI Program #: 51174

Douglas Chestnut

Doug Chestnut is a partner in Ernst & Young LLP’s International Tax Services Capital Markets group and works on various international planning matters in the capital markets arena. Doug provides services related to foreign currency taxation, taxation of commodity trading, cross-border financing and other treasury planning, including currency risk management and hedging. He is also the primary author of the FAS 133 section of a BNA Tax Management Portfolio, which addresses FAS 109 for multinational corporations.

Doug joined Ernst & Young LLP in 1991. He graduated from Eastern Michigan University with a B.A. in Finance and from Colorado State University with a M.A. in Accounting. He is also a certified public accountant licensed in Illinois and the District of Columbia.


Erika Nijenhuis is a partner of Cleary Gottlieb Steen & Hamilton LLP based in the New York office.  Ms. Nijenhuis joined the firm in 1990 and became a partner in 1997.

Ms. Nijenhuis' practice focuses on U.S. income tax, with an emphasis on financial products and international tax planning matters.  She regularly advises financial institutions and other domestic and foreign clients on issues relating to capital markets transactions, the development of new financial products, and inbound and outbound business operations. She is one of the country’s leading experts on tax issues arising from the new U.S. rules governing the derivatives market, and on the U.S. tax treatment of bank regulatory capital securities.

Ms. Nijenhuis is distinguished internationally and nationally as one of the best U.S. tax lawyers by Chambers Global, Chambers USA, The Best Lawyers in America, Tax Directors Handbook, The Legal 500 United States, The Legal Media Guide to the World’s Leading Tax Advisors, and Who’s Who Legal.  Ms. Nijenhuis is also recognized as one of the top 30 tax advisors in the U.S. by The Legal Media Guide to the World’s Leading Tax Advisors.  In 2014, Ms. Nijenhuis was named New York City Tax Law “Lawyer of the Year” by The Best Lawyers in America and she also won the “Best in Tax” award at the Americas Women in Business Law Awards 2014 of Euromoney Legal Media GroupTax Notes selected Ms. Nijenhuis as one of the finalists for its inaugural "Person of the Year" award for 2009 in recognition of her expertise in the taxation of financial products and in advising financial institutions on credit crisis-related issues. She served as chair of the New York State Bar Association Tax Section 2009 – 2010 and was formerly co- chair of the Financial Instruments Committee of the Tax Section.

Ms. Nijenhuis is widely published on the various aspects of the taxation of financial products and on related international tax issues.  She regularly speaks at conferences, including at American Bar Association, New York State Bar Association, Federal Bar Association, University of Chicago, New York University, Tax Council Policy Institute, Wall Street Tax Association, Institute of International Bankers, International Tax Institute, International Fiscal Association, and Practising Law Institute meetings and seminars. She has guest-lectured at the Internal Revenue Service and at law schools including the University of Michigan, New York University and Georgetown, and taught a course on the taxation of financial instruments at the University of Washington Law School.


Gary Wilcox is a Principal with PricewaterhouseCoopers in Washington, DC, where he co-leads a US controversy team that actively advises clients during the audit management and appeals and resolution phases of an IRS dispute.  Gary also works closely with corporate and international specialists in cross-border transactions to help clients prepare for potential controversy.  Gary’s team frequently seeks rulings and other guidance for clients from IRS and Treasury as a means of proactively avoiding tax controversies.

Gary was recently a partner with Morgan Lewis, where he headed up the firm’s tax practice.  Prior to that, he served as Deputy Chief Counsel (Technical) in the Office of Chief Counsel of the Internal Revenue Service and, earlier, a leader of PwC’s Mergers & Acquisitions practice.

Gary was litigation counsel to Iberdrola and ScottishPower in NAGP v. Commissioner, a 2012 Tax Court decision that upheld nearly $1 billion of taxpayer’s interest deductions on cross-border intercompany debt.

A frequent lecturer on corporate tax issues, Gary is an author of the BNA Tax Management Portfolio entitled Corporate Acquisitions- (A), (B), and (C) Reorganizations.

Gary has an LLM in Taxation from New York University, a JD with highest honors from the University of Oklahoma and an undergraduate degree (cum laude) from Texas Tech University.


Humberto M. Reboredo, Esq.
Global Head of Transfer Pricing
Credit Suisse AG

Humberto M. Reboredo is Director and Global Head of Transfer Pricing for Credit Suisse. He manages a team of 10 professionals around the world advising and implementing transfer pricing policies for the bank. Prior to his current role, Mr. Reboredo was a Tax Counsel for Credit Suisse advising on a broad variety of corporate and partnership taxation issues, including the taxation of financial products. Mr. Reboredo is currently a member of the Executive Committee of the Committee of Banking Institutions on Taxation. In addition, Mr. Reboredo is an active participant on the North American Tax Committee of the International Swaps and Derivatives Association and has lead efforts relating to ISDA’s comments on 871(m), the HIRE Act Protocol and FATCA.

Before joining Credit Suisse, Mr. Reboredo was a Vice President and Tax Counsel at Morgan Stanley and an Associate at Cravath, Swaine & Moore LLP. Mr. Reboredo graduated with general honors from the University of Miami in 1997 with a degree in Accounting and was awarded the Kaplan Prize for the most distinguished graduate in the accounting program. He earned his law degree from Harvard Law School in 2000.


Jean A. Pawlow is a partner in the law firm of McDermott Will & Emery LLP based in the Washington, D.C. office.  She is a member of the U.S. & International Tax Practice Group and the chair of the Tax Controversy Practice.

Jean has been involved in representing businesses and individuals on significant tax controversy matters for twenty five years.  Substantive issues in dispute have included transfer pricing issues under Code section 482, tax advantaged transactions, tax accounting issues, insurance tax matters, the tax treatment of financial instruments, foreign tax credit and research credit issues, leveraged leases, credit card interchange and original issue discount (OID), excise taxes, reasonable compensation, estate and gift tax issues, and charitable contribution deductions.

Jean has litigated cases before the U.S. Tax Court, the Court of Federal Claims, U.S. District Courts, U.S. Courts of Appeal, and the Supreme Court. She also has extensive experience with IRS alternative dispute resolution (ADR) procedures, including Fast Track Settlement, Rapid Appeals, Post-Appeals Mediation, Pre-Filing Agreements, and CAP audits.  She also represents clients who are being audited by the Service’s Global High Wealth Industry Group.

Jean is a frequent writer and speaker on tax controversy matters and has appeared on CBS and CNBC.  The Legal 500 has named Jean a “leading lawyer” every year since 2009, and quoted a client who described her as “A pleasure to work with, clever, an excellent advocate, personable and possessed of an instinctive business understanding.” She was nationally ranked as a leading tax litigation lawyer in the 2010, 2011, 2012, and 2013 editions of Chambers USA as “one of the preeminent tax lawyers in the U.S.” and noted for her “dedication to client service.”  Jean was also listed in Best Lawyers in America 2012, 2013, and 2014.

Representative Docketed Cases:

  • Estate of Stanton v. Commissioner (Tax Ct. filed Aug. 15, 2013).
  • John Hancock Life Ins. Co. v. Commissioner, 141 T.C. No. 1 (2013).
  • Siemens Corp. v. Office of Tax and Revenue, No. 2013-OTR-00010 (Dist. of Columbia filed Apr. 11, 2013).
  • Novitsky v. Siemens Corp., No. MIDL-2614-13 (D.N.J. filed Apr. 22, 2013).
  • United Services Automobile Association (“USAA”) v. United States, No. 10-cv-00185 (W.D. Tex. filed Mar. 5, 2010) and USAA v. Commissioner, No. 021037-10 (Tax Ct. filed Sept. 21, 2010).
  • Capital One Fin. Corp. v. Commissioner, 659 F.3d 316 (4th Cir. 2011), aff’g, 133 T.C. 136 (2009) and 130 T.C. 147 (2008).
  • John Hancock Life Ins. Co. v. United States, No. 09-31169 (5th Cir. filed Mar. 3, 2010)
  • Goodrich Corp. v. United States, 2012 U.S. Dist. LEXIS 5301 (W.D. N.C. Jan. 18, 2012) and Goodrich Corp. v. Commissioner, No. 29180-09 (Tax Ct. filed Dec. 8, 2009).
  • Nat’l R.R. Passenger Corp. (“Amtrak”) v. United States, 338 F. Supp. 2d 22 (D.D.C. 2004), aff’d, 431 F.3d 374 (D.C. Cir. 2005)
  • Barrick Res. (USA) Inc. v. United States, 464 F. Supp. 2d 1143 (D. Utah 2006)
  • Boeing Co. v. United States, 537 U.S. 437 (2003) aff’g, 258 F.3d 958 (9th Cir. 2001), rev’g, 82 A.F.T.R.2d (RIA) 6246 (W.D. Wash. 1998).
  • Wal-Mart Stores, Inc. v. Commissioner, T.C. Memo 1997-1, aff’d, 153 F.3d 650 (8th Cir. 1998)
  • Cheng v. Commissioner and Pen v. Commissioner, Nos. 509-96 and 510-96 (Tax Ct. filed Jan. 11, 1996)
  • Metropolitan Life Ins. Co. v. United States, 30 Fed. Cl. 195 (1993)
  • Texas Instruments v. Commissioner, 98 T.C. 628 (1992) and T. C. Memo. 1992-306 (1992)

Practice Area/Industries

  • Tax
  • Tax Controversy
  • Transfer Pricing
  • Trust & Estate Controversy

Education

  • Harvard Law School, J.D. cum laude, 1988
  • University of California at Berkeley, B.S. with high honors, 1985


Jeffrey Dorfman is a managing director in the International Tax Services group at PWC where he provides advice on foreign currency and other financial products issues. Prior to joining PWC, Jeff was the Chief of Branch 5 in the Office of the Associate Chief Counsel (International) for over twenty years. He is the principal author of the section 988 regulations, the 2006 proposed section 987 regulations and the §1.985-8 regulations regarding transition to the euro, among other things.


Jo Lynn Ricks is a firm Director in the Financial Products and Services Group in the Washington National Tax Office of Deloitte.  She joined Deloitte in September of 2001, following over 14 years as a Senior Attorney-Advisor in the IRS National Office in Washington, DC.

Ms. Ricks has extensive expertise in the taxation of financial products and transactions.  She is an expert in the taxation of business hedges, notional principal contracts, forward, futures, and options contracts, hybrid instruments, and cross-border financing transactions.  Ms. Ricks advises clients on the taxation of straddles, wash sales, short sales, and constructive sales.  Further, she consults on issues concerning the taxation of dealers, traders, and investors in securities or commodities, including the application of mark-to-market accounting.  Ms. Ricks also evaluates financial products strategies.  Since joining Deloitte, she has successfully resolved numerous controversies involving financial products matters.

Immediately before joining Deloitte, Ms. Ricks spent 10 years in the Office of the Associate Chief Counsel (Financial Institutions & Products) specializing in the taxation of financial products and transactions.  Ms. Ricks was the principal author and national contact for numerous treasury regulations and other published guidance on hedging transactions and mark to market accounting.

Her publications include four articles published in the Tax Advisor:  “FSA Forgoes Conventional Wisdom in characterizing a Remarketing Payment under a Callable/Puttable Bond,” “Terminating Debt Instrument Hedges,”  “Hedge Identification and Timing Rules,” and “The Importance of Proper and Timely Hedge Identification,” which were published in the March 2002, 2003, 2006, and 2009 editions.  She is a frequent speaker on financial products issues at meetings sponsored by the Practicing Law Institute, American Bar Association, the District of Columbia Bar Association, the Tax Executives Institute, and the Bank Tax Institute, and at national education programs for IRS Financial Products Examiners and International Examiners.

Ms. Ricks holds a Bachelor of Arts degree with a major in Economics, Summa Cum Laude, from the University of Maryland, a Juris Doctor degree from the University of Maryland School of Law, and a Master of Laws in Taxation with Highest Honors from The George Washington University National Law Center in Washington, DC.


Ms. Helen Hubbard is currently the Associate Chief Counsel, Financial Institutions & Products. This organizational component of the Office of Chief Counsel provides legal support to promote uniform interpretation and enforcement of tax laws involving banks, thrifts, insurance companies, investment companies, real estate investment trusts and other financial institutions.  It is also responsible for the tax laws relating to tax-exempt bonds and financial products and instruments developed by financial institutions and others, including annuities, options, forwards and futures contracts, debt instruments, hedging arrangements and other sophisticated financial arrangements.

Prior to joining Chief Counsel, Ms. Hubbard was Vice President for Tax and Benefits and Deputy General Counsel for Fannie Mae, a large financial institution.  From 2005 to 2010, she was an equity partner with Baker and McKenzie L.L.P.  From 2002 to 2005, she served as Tax Legislative Counsel with the Department of the Treasury.  From 1996 to 2002, Ms. Hubbard was a National Tax Partner with Ernst & Young, L.L.P.  Previously she was a partner with Akin, Gump, Strauss, Hauer and Feld, L.L.P and an associate with Miller and Chevalier and Johnson and Gibbs, P.C.  From 1987 to 1988, she served as law clerk for the Honorable Irving L. Goldberg of the United States Court of Appeals for the Fifth Circuit. 

Ms. Hubbard received her J.D. magna cum laude from Southern Methodist University in 1987.  Before attending law school, she was a certified public accountant in Dallas, Texas, and a tax manager with Price Waterhouse.  She received her B.B.A. in 1975 from Texas Tech University.


Robert Williams is Senior Counsel in the Financial Institutions and Products division of the IRS.  He has been with the Chief Counsel since 1989.  Before that he’s been with large and small law firms.

Duke University AB Accounting 1967
U VA Law School JC 1970


William Lu is a partner in the New York office of Latham & Watkins, where he is a member of the Tax Department. His practice covers a wide variety of tax related issues in both US and non-US contexts.

Mr. Lu practices primarily in financial products, derivatives, corporate finance, structured finance and various international tax matters. Mr. Lu is a trusted tax advisor to the largest financial institutions and funds.

Education

LLM, New York University School of Law, 2002
JD, New York University School of Law, 1999
MBA, University of Illinois, 1996
BS, New York University, 1992

Bar Qualifications

New York

Languages

Chinese (Mandarin), English


William Paul
Covington & Burling LLP

Bill Paul is a partner with the law firm of Covington & Burling LLP and is resident in the firm's Washington, DC office. His practice focuses on federal income tax matters, including specialties in the taxation of financial products, financial transactions, and investment funds. He regularly advises issuers and investors on the tax treatment of innovative financial products. He also represents taxpayers and industry groups before the Treasury Department, the Internal Revenue Service, and Congress.

Bill is a past chair of the American Bar Association’s Section of Taxation, as well as a past chair of the Financial Products Committee of the D.C. Bar Tax Section. He is listed in numerous guides to leading lawyers, including Best Lawyers in America, Chambers USA’s Guide to America’s Leading Business Lawyers and the International Who’s Who of Business Lawyers. He is a fellow of the American College of Tax Counsel, a member of the American Law Institute, and a member of the board of directors of the American Tax Policy Institute. From 1988 to 1989, he served as Deputy Tax Legislative Counsel in the Treasury Department’s Office of Tax Policy.


Karl Russo has worked as an economist with the Joint Committee on Taxation of the U.S. Congress since 2007, where he assists members of the House and Senate and staff of the Ways and Means and Finance Committees in development of their tax policy proposals. His portfolio includes taxation of financial products and institutions, insurance, and housing, as well as partnership and estate and gift taxation among various other Federal tax issues.

He received his Bachelor's of Science in Economics and Ph.D. in Applied Economics and Managerial Science from the Wharton School of the University of Pennsylvania. From 2000 to 2002, he worked as a Financial Economist at the Office of Tax Analysis at the U.S. Treasury Department, where he helped to develop models for estimating stock options tax receipts and for allocating excise tax revenues to Federal trust funds.


Ms. Farr is a member of Davis Polk’s Tax Department. She concentrates in the taxation of corporate finance, derivatives and structured finance and on domestic and international tax planning for financial institutions. She has advised financial institutions and issuers in the development and execution of complex public and private financial products designed to achieve capital raising, hedging or other objectives. Ms. Farr has also done significant work representing investment funds and insurance companies.

RECOGNITION

Ms. Farr is listed as a leading lawyer in Chambers USA: America’s Leading Lawyers for Business.

OF NOTE

Membership

  • Fellow, American College of Tax Counsel
  • Council Director, ABA Section of Taxation
  • Past President, The Tax Club of New York City
  • Past Chair, Financial Transactions Committee of the Section of Taxation, American Bar Association

PROFESSIONAL HISTORY

  • Partner, 2003-present
  • Associate, 1995-2003

Bar Admissions

  • State of New York

Education

  • A.B., Harvard College, 1992
  • cum laude
  • J.D., Yale Law School, 1995
  • LL.M., New York University School of Law, 1999
  • Editor in Chief, Yale Journal on Regulation


Richard is a Partner in Ernst & Young LLP’s National Tax Department in Washington, D.C. Richard works in the Capital Markets Tax Practice and specializes in the taxation of financial products and transactions.

Richard has nearly twenty-five years of experience in the taxation of financial products and transactions. He currently consults with clients on a range of tax issues regarding the taxation of debt instruments, cross-border financing transactions, debt and equity financing, bankruptcy workouts, debt renegotiations, derivatives, hedging transactions, and securitizations.

Richard is a frequent speaker at tax conferences and has authored numerous articles on various topics related to the taxation of financial transactions.  Richard is also a contributing author to the Federal Income Taxation of Debt Instruments (Seventh Edition), published by CCH.

Background

Immediately prior to joining Ernst & Young in 2002, Richard was a Principal in Arthur Andersen’s Office of Federal Tax Services in Washington, D.C. Richard has also worked in the U.S. Federal Government as an Attorney-Advisor in the Internal Revenue Service Chief Counsel’s office and as a Special Assistant to the Assistant Attorney General (Tax Division) in the U.S. Department of Justice.  In addition, Richard was an associate at two large law firms.

Richard received a B.A. in Accounting from the <st2:place w:st="on"><st2:PlaceType w:st="on">University of <st2:PlaceName w:st="on">Washington (1984) and a J.D. from the Northwestern University School of Law (1990). Richard is admitted to the Bar in both <st2:State w:st="on">Illinois and the <st2:place w:st="on"><st2:State w:st="on">District of Columbia. Richard also is a Certified Public Accountant (CPA) licensed in both <st2:State w:st="on">Washington state and the <st2:State w:st="on"><st2:place w:st="on">District of Columbia.

He is a member of the American Institute of CPAs, the National Association of Black Accountants, the American Bar Association, the National Bar Association, and the D.C. Bar Association.  Richard is the chair of the steering committee of the Taxation Section of the D.C. Bar Association.  In addition, Richard is a past vice-chair and chair of the Financial Products Committee of the Taxation Section of the D.C. Bar Association.


Alan B. Munro

Alan Munro is a member of Ernst & Young LLP’s International Tax Services Capital Markets practice in the National Tax Department. He is the National Director of the Mortgage REIT Tax practice.

Alan has more than 30 years of experience with financial instruments and in the financial services field. He currently advises clients on a wide variety of technical tax issues and planning strategies relating to debt instruments, options and other derivatives, hedging, mark-to-market accounting, straddles, wash sales, constructive sales and ownership, and other financial products issues, as well as for hedge funds, regulated investment companies, real estate investment trusts and other asset managers.

Alan joined the firm in 2002 from another major public accounting firm. Previously, he served as an Attorney-Advisor and then Branch Chief in the IRS Chief Counsel’s Financial Institutions & Products Division. At the IRS, Alan was the lead attorney on a number of significant regulatory and other projects. He was a principal author of the final regulations on notional principal contracts and on conversion transactions. Alan also helped formulate guidance on mark-to-market accounting and on various RIC and REIT issues. Alan played a lead role in developing private letter ruling policy in the RIC and REIT area and in the RIC audit pilot project.

Prior to joining the IRS, Alan worked at law firms in New York and California, focusing on advising issuers and underwriters of complex financial instruments.

Alan is a contributing author of Federal Income Taxation of Debt Instruments. He has published a number of articles and lectured frequently at programs sponsored by the American Bar Association, the American Institute of Certified Public Accountants, the Investment Company Institute and various private groups.

Alan received a B.S. from the University of Virginia, a J.D. from Washington & Lee Law School (where he was an editor on the Law Review), and an LL.M. from New York University School of Law. He is a certified public accountant licensed in Illinois, Virginia and Washington, DC.


Alan J.J. Swirski
Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Tax

Alan J.J. Swirski, a partner in the Tax Group at Skadden, Arps, focuses his practice on tax litigation before the federal courts, including the U.S. Tax Court, the U.S. Court of Federal Claims and U.S. district courts, as well as federal tax controversy matters before the IRS. Mr. Swirski was first chair trial counsel in an ethics prosecution brought by the IRS Office of Professional Responsibility (OPR) against a prominent tax practitioner, decided in the practitioner’s favor in 2009. This case represented the first trial win ever by a practitioner in an OPR case. Mr. Swirski was co-trial counsel in Massachusetts Mutual Life Insurance Company v. United States, tried before the U.S. Court of Federal Claims, involving the proper federal income tax accounting treatment of aggregate guaranteed dividends, decided in the taxpayer’s favor in 2012. He was first chair trial counsel in Federal Home Loan Mortgage Corporation v. Commissioner, a significant case involving favorable financing intangible property, which was decided in the taxpayer’s favor in 2006. Mr. Swirski was also second chair in the United Dominion Industries v. United States case before the U.S. Supreme Court, the first federal consolidated return case to be argued there in more than 50 years.

Previously, Mr. Swirski worked at the U.S. Department of Justice, Tax Division, from 1995 to 1999, during which time he was promoted to senior trial attorney and was presented with a Tax Division Outstanding Attorney Award. During his tenure at the DOJ, Mr. Swirski handled a number of significant cases, including Jack Kent Cooke, Inc. v. United States, Branch Ministries v. United States and Camelot Music v. IRS.

Notable matters include representing:

  • a company in a Tax Court trial concerning nuclear decommissioning expenses in the context of a plant acquisition;
  • a company in a Tax Court trial concerning a foreign tax credit issue;
  • a significant hedge fund in federal court litigation, and another in an ongoing IRS examination;
  • a tax director of a major financial institution in connection with an alleged misrepresentation made in the course of an IRS exam;
  • a company in one of the first promoter penalty Fast Track proceedings;
  • a corporation in private litigation involving widely publicized tax fraud allegations by former employees; and
  • numerous corporations in various IRS examination and appeals proceedings.
Mr. Swirski repeatedly has been selected for inclusion in Chambers USA: America’s Leading Lawyers for Business. He also was named a “Leading Lawyer” in The Legal 500 (United States).

Education

J.D., Georgetown University Law Center, 1988 (magna cum laude, Order of the Coif)
B.A., Boston College, 1985 (magna cum laude)

Bar Admissions

District of Columbia

Associations

Interview Editor, ABA Tax Section
D.C. Bar Taxation Section


Garner Prillaman is a partner in the Washington National Tax Office of Deloitte Tax LLP.

Garner’s practice is focused primarily on the foreign currency implications of cross-border business activities, and he works extensively in the areas of cross-border finance and financial products. Garner has approximately 25 years of experience in planning and evaluating complex cross-border transactions and in representing clients before the Internal Revenue Service.

Prior to joining Deloitte, Garner was a partner in a major law firm based in Washington, D.C. Garner is an active member of the American Bar Association Tax Section Subcommittees on the Foreign Activities of U.S. Taxpayers and the U.S. Activities of Foreigners and Tax Treaties, and of the International Fiscal Association. He is an honors graduate of the Wake Forest University Law School and received an LL.M. in Taxation from New York University. Garner was graduated from Virginia Polytechnic Institute with a B.S. in Accounting and an M.B.A., and is also a Certified Public Accountant. Garner co-authored the BNA Portfolio entitled Tax Aspects of Foreign Currency, and has spoken and published widely on various international tax topics.


Helen Yanchisin is a managing director in the Washington National Tax Office of Deloitte Tax LLP.  Helen has practiced in the area of the taxation of financial instruments for almost two decades.  Her practice includes debt issuances, debt restructurings, hedging, derivatives, and structured products.


Joshua D Odintz
Baker & McKenzie LLP
Partner
Washington, DC

Joshua Odintz is a partner in Baker & McKenzie’s North American Tax Practice Group. Mr. Odintz has over 14 years of tax experience, including high-level government positions with both the U.S. Department of the Treasury and the Senate Finance Committee. He is a frequent speaker at ABA Tax Section, NY State Bar Tax Section, Practicing Law Institute and Federal Bar Association tax meetings and conferences.

Practice Focus

Mr. Odintz specializes in tax controversy and tax policy matters. He advises clients on domestic and international tax controversy matters at all phases, from audit and administrative appeals through litigation. He has handled cases involving a wide range of domestic and international issues, including transfer pricing, tax accounting, privilege and work product, among others. Mr. Odintz previously served as a Senior Advisor for Tax Reform to the Assistant Secretary at the U.S. Department of the Treasury, where he advised Senior Treasury officials on tax reform options and issues. Mr. Odintz also served as the Chief Tax Counsel to the President’s National Commission on Fiscal Responsibility and Reform, and was instrumental in formulating the tax proposals that were contained in the Commission’s report, entitled the Moment of Truth. Additionally, Mr. Odintz served as the Acting Tax Legislative Counsel at the Treasury. Mr. Odintz represents clients before the U.S. Department of the Treasury, the U.S. Congress, and the Organization of Economic Cooperation and Development, regarding domestic and international tax issues. Mr. Odintz also specializes in the Foreign Account Tax Compliance Act (FATCA). He advises domestic and foreign entities with respect to a wide variety of FATCA issues, including the FATCA status of their entities, withholding and reporting, and documentation.

Representative Legal Matters

  • United States v. ChevronTexaco Corp. (N.D. Cal.)
  • UnionBanCal Corp. v. Commissioner (9th Cir.)
  • In re MCI WorldCom
  • Kmart Corp. v. Taxation and Revenue Department (NM)
Professional Associations and Memberships
  • State Bar of California - Member
  • District of Columbia Bar - Tax Section
  • District of Columbia Bar - Vice Chair, Committee on Tax Audits (2006 - 2007)
  • American Bar Association - Professional Sub-Committee Chair, Court Practice Subcommittee, Tax Section (May 2004 - March 2007)
Admission

U.S. Court of Appeals, Ninth Circuit~United States (2002)
District of Columbia~United States (2002)
U.S. Tax Court~United States (2001)
U.S. Supreme Court~United States (2000)
U.S. District Court, Southern District of California~United States (1995)
California~United States (1995)

Education

Georgetown University Law Center (LL.M. Taxation with Distinction) (2000)
California Western School of Law (J.D.) (1995)
University of California at San Diego (B.A. Political Science) (1992)


Kathryn Horton O’Brien, JD, LLM (Taxation)
PricewaterhouseCoopers LLP

Kathryn joined PwC as a Principal in the Transfer Pricing practice of the Washington National Tax Services office in July 2013.

Prior to PwC, Kathryn was the Global Transfer Pricing Leader for GE. At GE, Kathryn managed transfer pricing risks and opportunities, oversaw documentation and controversies, coordinated global strategy, and teamed with the transfer pricing professionals and global tax professionals to manage most of GE’s intercompany transactions internally (financial and industrial), despite the complexity of the organization. Kathryn worked specifically with a number of the Capital businesses, Treasury, Oil & Gas, Power & Water, Healthcare, Appliances and Transportation.

Kathryn spent several years at E&Y, before joining GE. There, she was the US National Office Leader for Financial Services Transfer Pricing and Transfer Pricing Controversy Matters, engaged in all aspects of transfer pricing. She was responsible for coordinating APAs and MAPs for E&Y clients at the National Office and coordinated financial services transfer pricing globally. In the non-financial services sector, her clients were major fashion brands, high tech, consumer products, healthcare, utilities, entertainment and more.

Toward the beginning of her 26 year career, thus far, Kathryn helped launch the Advance Pricing Agreement Program at the IRS. She acted in a management capacity within the program, including Acting Director and team leader, and was awarded IRS’s Attorney of the Year in 1994, for her efforts in regard to the program.

Kathryn is a frequent speaker at international conferences. She has worked closely with the OECD on all aspects of transfer pricing, particularly, documentation simplification, financial services, intangibles, PEs and most recently, BEPS and risk assessment.

She has an undergraduate degree in Business Finance, a JD and an LLM (Taxation). She is admitted to the DC and Pennsylvania Bars.


Natalie Hodapp is a Supervisory Tax Law Specialist in the East Territory of LB&I's Transfer Pricing Practice. Within the Service, she previously served as a Transfer Pricing Technical Advisor, including a role on the 936 Exit Strategy IMT, and worked as an International Examiner. Prior to joining the Service, she worked in transfer pricing in the New York office of Ernst & Young LLP. She received her BS in Commerce with a Concentration in Accounting and an MS in Accounting: Tax Consulting from the McIntire School of Commerce at the University of Virginia.