Making the 108(i) Election Pros & Cons Explained

Jonathan is a principal in the Financial Institutions and Products group of KPMG’s Washington National Tax practice. Jonathan advises clients on tax issues involving debt financings and restructurings, derivative financial contracts, securitizations, hedging transactions, and dealers and traders of securities and commodities.

Dave Cubeta represents large multinational corporate clients in resolving potential Internal Revenue Service (IRS) controversies in audit, negotiating settlements of issues at Appeals, resolving issues in litigation, planning transactions, and in advancing tax policy initiatives. Mr. Cubeta’s work, while including a variety of taxpayer industries and subject matters, has often focused on natural resource taxation and the tax treatment of complex financial products and financial transactions. He has extensive experience in financial derivatives taxation, having taught the subject for 15 years to Masters of Law program students at Georgetown University Law Center. 

While Mr. Cubeta generally has resolved his tax controversy cases in the customary IRS audit and Appeals processes, on occasion, novel difficulties have required novel solutions, including creative use of the Pre-Filing Agreement program, Technical Advice procedures and, in one case, an extraordinary two-day “mini-trial” in the IRS National Office to resolve a highly controversial issue. 

Mr. Cubeta also represents clients in planning and negotiating transactions, frequently in multinational contexts. These projects often focus on structuring domestic and international joint venture transactions and other business acquisitions, dispositions, or combinations. He is active in advancing appropriate tax policy developments through IRS private letter rulings and other administrative pronouncements, as well as U.S. Department of the Treasury regulations. 

Mr. Cubeta has more than 30 years of experience, and brings to his clients an in-depth understanding of relevant Treasury Department regulations and IRS rulings, an excellent working relationship with officials at both Treasury and the IRS, and a fervent commitment to secure the results that are necessary to enable his clients to navigate successfully the tax consequences associated with their business plans.

Dave Levy represents clients on a wide range of tax matters, including partnership transactions, mergers and acquisitions, the formation of real estate investment trusts (REITs), UPREIT and DownREIT acquisition transactions, real estate acquisition and disposition transactions, matters arising under the Foreign Investment in Real Property Tax Act, various types of public and private debt and equity financing transactions, and restructuring transactions. 

Mr. Levy has represented both purchasers and sellers in connection with taxable and tax-free corporate and partnership acquisition and disposition transactions in both the domestic and cross-border contexts. He also has advised private equity funds, hedge funds and real estate investment funds in connection with fund formation transactions, acquisitions and dispositions, and multiple transactions involving the use of financial products and derivatives. Mr. Levy also has represented clients in connection with private letter ruling requests submitted to the Internal Revenue Service and in controversies with the IRS. 

Mr. Levy was selected for inclusion in Chambers USA: America’s Leading Lawyers for Business 2009.

Brian Knudson is a partner in the Partnership and Joint Venture Group of the National Tax Department of Ernst & Young and is resident in the Minneapolis office. Brian has worked extensively with very large and complicated joint venture structures, often involving large multi-national corporate partners, in accounting for various partnership matters, including workouts and bankruptcies. Brian is a graduate of the University of St. Thomas (B.A. in accounting, 1991). He is a member of the American Institute of Certified Public Accountants and the Minnesota Society of Certified Public Accountants. Brian is also an adjunct professor in the masters in taxation program at the Curtis L. Carlson School of Management at the University of Minnesota, where he teaches a course covering advanced topics involving the taxation of partnerships.