erry is a member in the firm's New York office, where he practices in the Public Finance Section. He has been counseling clients in the tax aspects of public finance transactions since 1984, and leads the Section's Tax-Exempt Bond Controversy Resolution Practice.
He is immediate past Chairman of the American Bar Association's Committee on Tax Exempt Financing. Jerry also is a member of the steering committee for the annual Bond Attorneys' Workshop, sponsored by the National Association of Bond Lawyers, where he chairs the IRS enforcement panel.
Before joining Mintz Levin, Jerry practiced in a prominent international firm where he led the public finance tax and public finance enforcement and compliance practices.
In recognition of his accomplishments, Jerry was elected a Fellow of the American College of Tax Counsel, an organization that recognizes tax lawyers for their excellence in tax practice. Jerry is also a Fellow of the American College of Bond Counsel, was named to the New York Super Lawyers list, and is listed in The Best Lawyers in America. He also has earned an AV rating from Martindale-Hubbell, reflecting the highest level of professional excellence as determined by opinions submitted by members of the Bar. In 2011, he became a Life Fellow of the American Bar Foundation.
Specific areas of his experience include:
Representative Tax Matters
· Preparing written post issuance compliance procedures for issuers and borrowers.
· Performing Schedule K reporting reviews for section 501(c)(3) borrowers.
· Advisor to a major law firm on public finance tax matters.
· Tax counsel to state and local pool bond issuers.
· Representing state issuers on the federal tax aspects of tax-exempt financings for first-time homebuyers and developers of residential rental projects.
· National counsel to a large food service provider on the tax aspects of management contracts.
· Issued section 501(c)(3) opinions in connection with tax-exempt financing of health care facilities.
· Representing a leading underwriter as derivative product tax counsel.
· Counsel to financially distressed states and cities in the federal tax aspects of billions of dollars of tax-exempt working capital financings.
Representative Enforcement Matters
· Qualified 501(c)(3) Bonds-Represented borrower in an audit that reviewed its operations, use of bond proceeds, facility valuation, management contracts, and private use. Negotiated a closing agreement with the IRS.
· Advance Refunding Bonds-Represented issuers and underwriters in multiple transactions involving IRS review and challenge of pricing and yield calculation methodology of escrow funds. Transactions involved Treasuries, guaranteed investment contracts, and various derivative products. Obtained "no change" letters and negotiated closing agreements with IRS. The closing agreements permitted escrow restructurings and refundings at significant savings to issuers.
· Housing Bonds-Represented issuer in an examination involving change in status from Qualified 501(c)(3) Bonds to Exempt Facility Bonds subject to the AMT. Obtained letter ruling and closing agreement preserving tax-exempt status.
· Airport Facility Bonds-Represented issuer and conduit borrower on two similar audits examining compliance with exempt facility rules, including lease characterization, accounting record documentation, and useful life limitations. Obtained "no change" letters in both matters.
· Pool Bonds-Represented issuer in an examination encompassing expenditure analysis, rebate compliance, swap pricing, and yield integration. Obtained "no change" letter for issuer.
· Section 6700 Examination-Represented senior underwriter in audit of numerous advance refunding transactions involving investment valuation, yield computation, record keeping, and derivative pricing issues. Audit was discontinued and no action was taken against issuers or underwriter.
· Correspondence Examinations-Represented issuers and borrowers responding to IRS' arbitrage, pool bond, cost of issuance, multi-family and other initiatives.
Voluntary Compliance Agreements
· Represented issuers and borrowers in negotiating closing agreements involving unrestricted sinking funds, failure to roll state and local government securities, solid waste qualification, and excessive private use, among other matters.
Mutual Fund Owned Bonds
· Represented funds in facilitating settlement agreement negotiations among the issuer, bond counsel, and the underwriters.
Jerry is admitted to practice in the states of New York, New Jersey, Florida, and Pennsylvania, and he maintains his accreditation as a Certified Public Accountant in Massachusetts.