Previous PageMarc L. Schultz Partner

Marc has represented numerous investors, developers, and syndicators with respect to Low-Income Housing Tax Credit transactions and has represented numerous parties with respect to New Markets Tax Credit transactions. He has an established practice involving mergers and acquisitions, joint ventures, formation of private investment funds, like-kind exchanges, and tenancy-in-common transactions. Marc also has experience representing conduit borrowers and underwriters in tax-exempt bond offerings with respect to tax issues. He has also served as an adjunct professor, teaching taxation of business entities in the Graduate Program of Accountancy, at the University of Illinois-Chicago.

Representative Transactions

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• Lead tax counsel for the formation of a joint venture involving a developer and large pension fund for the development of a $270 million high-rise building in the City of Chicago
• Lead tax counsel to multi-national publicly traded corporation with respect to the negotiation of the largest single sponsorship payment with a professional athlete
• Lead tax counsel to a large residential solar integrator in obtaining groundbreaking IRS private letter ruling regarding the tax treatment of the sale of renewable energy credits (RECs)
• Lead tax counsel in the structuring of a joint venture among three national shopping center developers to construct and operate the largest multi-use shopping and entertainment facility in the State of Wisconsin
• Lead tax counsel to Low-Income Housing Tax Credit developer with respect to a transaction involving grant proceeds from Section 1602 of the ARRA and the monetization of the income tax losses to an investor
• Tax and corporate counsel to developer using New Markets Tax Credit and Historic Tax Credit financing to develop and operate hotel
• Lead tax counsel to developer obtaining New Markets Tax Credit financing to finance the commercial portion of a vertical mixed-use structure whereby the residential units involved financing from Low-Income Housing Tax Credits
• Tax counsel to a real estate investment company with respect to its $300 million acquisition of a large real estate investment trust holding two large resort properties
• Structured and was the lead tax counsel for a $250 million joint venture between three private universities located within the City of Chicago to construct and operate the largest ever urban school dormitory in the United States and financed partly with tax-exempt bonds
• Co-lead tax representation of the sellers of an Illinois-based manufacturer to a private equity group for $800 million
• Lead tax counsel to solar project developer in its construction of utility-scale solar plant using New Markets Tax Credit financing and the monetization of Investment Tax Credits
• Tax counsel to New York investment bank with respect to the tax-free spin-off of a publicly traded corporation
• Lead tax counsel in structuring and negotiated joint venture between large publicly traded corporation and large Tribal casino operator to construct and operate large-scale casinos within the United States
• Tax counsel to major Division I college athletic conference
• Lead counsel for the formation of numerous pooled investment funds with an aggregate targeted raise in excess of $850 million involving numerous assets classes including real estate, privately held companies, and marketable securities
• Tax counsel for CDE that requested private letter ruling from the Internal Revenue Service for special allocation by a partnership of the New Markets Tax Credit (and cited in the Novogradac New Markets Tax Credit Handbook)
• Counsel for QALICB with respect to a New Markets Tax Credit and Historic Tax Credit Transaction
• Lead tax counsel to Illinois company with respect to its tax-free acquisition by a large publicly traded home improvement retailer for $130 million
• Tax counsel for a large national tax credit syndicator with respect to the syndication of Low-Income Housing Tax Credits and Historic Tax Credits
• Lead tax counsel for the divestiture of a large California real estate portfolio of numerous class A high-rise residential and office buildings involving complex forward and reverse like-kind exchanges and the acquisition of a large class A high-rise office building located within the State of California as replacement property (at a record acquisition price per square foot) using numerous tenancy-in-common arrangements
• Lead tax counsel to manufacturer of wind turbines for the creation of a financial model to expand project development opportunities
• Lead tax counsel for the formation of a joint venture involving a developer and investor for the conversion of a 65-story apartment building development into condominiums in the City of Chicago
• Represented and negotiated settlements with the Internal Revenue Service for numerous investors of Lloyds of London with respect to multi-million dollar disputes involving syndication losses and the passive loss rules
• Structured and received the first tax exemption ruling for a national labor union of resident physicians using a limited liability company as the tax exempt entity
• Lead tax counsel to numerous publicly traded companies with respect to their acquisition of limited partnership interests in order to obtain Low-Income Housing Tax Credits
• Developed structure for the sale and acquisition of private corporate jets in the State of Illinois to reduce taxpayers’ sales tax liabilities
• Provided tax advice to national real estate investment trust with respect to REIT compliance
• Advised large tenancy in common syndicator with respect to like-kind exchange and tenancy in common issues

Education

• New York University School of Law (LL.M., Taxation)
• Chicago-Kent College of Law (J.D., with highest honors)
  • Order of the Coif
  • Dean's List
  • Academic Scholarships 2nd and 3rd years
  • American Jurisprudence Award: Bankruptcy
  • Academic Achievement Award: Legal Drafting
• Michigan State University (B.A., Business, with honors)

Court Admissions

• Supreme Court of Arizona
• Supreme Court of Illinois
• United States Tax Court

Professional Memberships & Activities

• State Bar of Arizona
• American Bar Association
  • Section on Taxation
  • Affordable Housing & Community Development 
  • Renewable Energy Committee

Representative Presentations & Publications

• Tax Credit Financing and Renewable Energy, Presenter, Annual Southwest Tax Conference, Nevada Society of CPAs, Bellagio Hotel, Las Vegas, Nevada (December 2011)
• Solar Power Project Development Conference, Presenter, Andaz Hotel, San Diego, California (November 2011)
• New Markets Tax Credits - Driving Arizona's Economic Growth, Moderator, Co-Hosted with Phoenix Community Development and Investment Corporation and Novogradac & Company LLP, Phoenix (May 2011)
• Tribal Energy in the Southwest Conference, Presenter, Law Seminars International, Radisson Fort McDowell Resort, Scottsdale (April 2011)
• Making New Markets Tax Credits Work For You, Moderator, Co-Hosted with Dudley Ventures, Phoenix (March 2011)
• IRS Provides Guidance for Residential PV, Co-Author, Solar Today (March 2011)
• Tax Credit Financing for Renewable Energy, Presenter, EUEC Energy and Environmental Conference, Phoenix Convention Center (February 2011)
• Creating and Investing in Opportunity Funds, Presenter, Snell & Wilmer, Phoenix (September 2010)
• Renewable Energy — Life After the Section 1603 Cash Grant — Not So Fast: Treasury Releases Guidance for Projects Not Placed In Service by the End of 2010, Author, Under Construction Newsletter (August 2010)
• Significant Guidance for the Residential Solar Industry, Author, The Re-Source (Summer 2010)
• Using Tax Credits to Enhance Cash Flow, Presenter, CBIZ MHM, LLC, Seminar, Phoenix (May 2010)
• Driving Recovery: Southwest Credit Markets, Panelist, Co-Hosted with Mutual of Omaha Bank, Phoenix (May 2010)
• Distributed Generation Solar Project Structuring and Development in the Southwest, Panelist, Greentech Media’s 2010 Solar Summit, Phoenix Sheraton (April 2010)
• Tax Credit Financing in Indian Country, Presenter, Business Development in Indian Country Conference, Sheraton Wild Horse Pass, Phoenix (March 2010)
• The Governor of Arizona’s Renewable Energy Summit, Panelist, Arizona State University (February 2010)
• Tax Credit Financing for Solar, Presenter, CLE Solar Energy Conference, Biltmore Hotel, Phoenix (February 2010)
• Federal Financing in the 2010 Market, Panelist, Snell & Wilmer, Phoenix (February 2010)
• Tax Credit Financing for Renewable Energy, Presenter, EUEC Energy and Environmental Conference, Phoenix Convention Center (January 2010)
• Project Finance: Financing Solar Projects with the 30% Cash Grant, Author, Under Construction Newsletter (November 2009)
• Tax Credit Financing: An Alternative to Consider, Author, The Corporate Communicator (November 2009)
• Financing Renewable Energy Projects, Presenter, Sheraton Hotel, Denver, Colorado (September 2009)
• Fund Formation Basics: Early Considerations for Structuring a Real Estate Fund, Author, The Corporate Communicator (May 2009)
• Tax Credit Financing, Presenter, Snell & Wilmer, Phoenix (2009)
• Bridging the Equity Gap, Presenter, Sheraton Hotel, Denver, Colorado (June 2009)
• New Markets Tax Credits, How the Deal Works, Presenter, Snell & Wilmer, Phoenix (2009)
• Distributed Solar Energy: Rooftop and Other Onsite Power Generation, Panelist, Sustainability Seminar Series (November 2008)
• The Investment Tax Credit and Solar Energy Transactions, Presenter, Snell & Wilmer, Phoenix (2008)
• Like-Kind Exchanges and Tenancy-in-Common Transactions, Featured Speaker, Citigroup, Las Vegas, Nevada (June 2008)
• Emergency Economic Stabilization Act of 2008, Presenter, Snell & Wilmer, Phoenix and Orange County (2008)
• Low-Income Housing Tax Credits, Something for Everyone, Author, AZRE, Arizona Commercial Real Estate (September-October 2007)
• Tax Planning for S Corporations, Presenter, Lorman Seminar, Phoenix (2007-2008)
• Tax Planning Around the Disguised Sales Rules, Presenter, Lorman Seminar, J.W. Marriot Hotel & Resort, Phoenix (2007)
• Low Income Housing Tax Credits, Presenter, Snell & Wilmer, Phoenix (2007)
• Taxation of Internet Transactions, Presenter, Lorman Seminar, Chicago, Illinois (2005)
• Mergers and Acquisitions, Guest Lecturer, DePaul University School of Law, Chicago, Illinois (2001-2003)
• Final Regulations for Partnership Mergers and Divisions: a Compromise of Form and Substance, Co-Author, Journal of Passthrough Entities (May-June 2001)
• Segregating Assets Within a Single Partnership: Delaware Series Partnerships and LLCs, Co-Author, The Tax Magazine (March 2000)
• Proposed Regulations for Partnership Mergers and Division, Comments, Co-Author, American Bar Association, Tax Section

Community Involvement

• Uruguay Cultural Foundation for the Arts, Member, Board of Directors (2004-2006)
• JCYS, Member, Board of Directors (2001-2002)

Other Professional Experience

• Sonnenschein Nath & Rosenthal LLP, Attorney, Chicago, IL
• University of Illinois-Chicago, Graduate Program of Accountancy, Adjunct Professor
• United States District Court, Northern District of Illinois, Federal Judicial Extern to Hon. Wayne Andersen