Editorial: Corporate Tax in Texas
01 May 2007
Research for this chapter identified 20 leaders in corporate tax law from 13 firms in the state. These professionals possess a wide range of specialisations. International tax specialists are included alongside domestic experts, direct taxation practitioners feature in a list that also includes indirect tax lawyers and specialists on transfer pricing and tax issues deriving from M&A and dispositions, as well as generalists.
Texan titan Baker Botts LLP has three “top quality professionals” in our tax chapter. Benjamin Wells leads the voting and chairs the firm’s tax department. Wells is a “very competent tax lawyer” who focuses on federal income tax matters. His practice has, in the last few years, also concentrated on cross-border issues and he is well versed in tax planning for American companies operating abroad, including internal structuring for optimal tax results, and structuring inbound investments in the US by investors in other countries. Gray Jennings and Gregory Nelson – both described to researchers as “outstanding” – join Wells on the list. Jennings has a broad practice that incorporates both national and cross-border matters including corporate, merger and acquisition, and partnership tax issues. He has also taught courses in tax accounting and financial transactions at the University of Houston Law Centre. Nelson has a focus on federal income tax, particularly in the energy and real estate sectors, with big name clients including Halliburton, Reliant Energy and the Winn-Dixie family.
Vinson & Elkins LLP fields three highly rated practitioners in this chapter. They are led in the nominations by Edward Osterberg, chair of the international and transactional group of the firm’s tax section. Osterberg is also the current president of the International Tax Forum of Houston, vice president and executive committee member of the International Fiscal Association USA Branch and a Fellow of the American College of Tax Counsel. His national and international practice has seen him advise on the US tax aspects of formation and operation of the Dubai Mercantile Exchange, and the structured purchase by a Chinese buyer of a US company with oil and gas assets in Kazakhstan. Thomas Crichton also deals with both domestic and international matters and has represented clients before the National Office of the Internal Revenue Service in requests for ruling, and before the various appeals offices of the IRS, the United States Tax Court, and other tribunals concerning tax deficiency matters and claims for refund. Price Manford is well known for his broadbased energy tax practice, which has seen him focus on the tax aspects of the acquisition, development, operation and disposition of a variety of alternative fuel investments, including coal-based synthetic fuel, windpowered assets, solar and other renewable energy sources.
Baker & McKenzie LLP has two “exceptional” lawyers in this chapter. David Glickman is a prolific author and speaker who has taught tax courses at the University of Texas, Austin and Southern Methodist University, Dallas. Susan Stone is “extremely active” and assists clients with tax planning in the restructuring of oil and gas assets in Mexico and Venezuela. She also represents Weatherford International with respect to tax planning for its international acquisitions and restructurings on an international scale. Stone has acted as the lead tax partner for the last two years in Baker &McKenzie’s representation of Qatar Petroleum in tax planning for LNG sales and terminal facilities in the United States. She is also a former council director, secretary and committee chair of the American Bar Association section of taxation.
Charles Hall and Richard Coston of Fulbright & Jaworski LLP are “great names” for corporate tax work. Hall has handled complex tax matters for many of the firm’s major clients and is a former Regent of the American College of Tax Counsel. Coston has served as chair of the ABA section on taxation’s natural resources committee and focuses on the tax aspects of oil and gas, and project finance transactions.
Bracewell & Giuliani LLP has been expanding geographically in recent years but remains strong in its home state, with two practitioners on the following pages. Roger Aksamit is chairman of the firm’s tax section and was hailed as “quite outstanding” by his peers. He is joined on the list by Joe Hull, who “deals masterfully with a broad range of matters” including federal, state and local taxation, both planning and controversy work.
Thompson & Knight LLP can boast the inclusion of David Wheat, who is the most highly nominated individual in our research. Regarded by his peers as “one of the deans of the Bar”, Wheat is widely regarded as “the best in the state”. He has recently acted as tax counsel to the Texas Department of Transportation in connection with the privatisation of the SH121 toll road in Collin and Denton Counties.
Vester Hughes from Kirkpatrick & Lockhart Preston Gates Ellis LLP was described to researchers by one source as “the most respected tax lawyer in Texas” and by another as “the dean of Texas tax”. Hughes has argued cases before the Federal Supreme Court and Courts of Appeals, US Claims Court, Texas Supreme Court and other courts of administrative agencies as well as presenting cases to Federal District courts and the United States Tax Court.
Paul Asofsky has headed the tax group at Weil Gotshal & Manges LLP since 1990. He also heads the private equity group within the firm’s tax department and currently serves as chairman of the private equity subcommittee of the ABA section of taxation’s committee on partnerships. Sources noted a speciality in the areas of private investment partnerships, mergers and acquisitions, real estate investments, and bankruptcy and debt restructuring. He emerges as one of Texas’s leading lights.
Barksdale Hortenstine from Ernst & Young has a particular focus on the use of partnerships in structured financings, large corporate acquisitions, dispositions and global strategic alliances. He was described during the research as “excellent” and “very, very strong”, with his partnerships work particularly singled out.
Jones Day is home to Dennis Drapkin, immediate past chair of the ABA section of taxation who currently chairs the tax section’s task force on patenting tax strategies. His broad tax practice has seen him cover a variety of transactions, including acquisitions and dispositions, restructurings and financings, for public and private concerns.
The “excellent” thomas Ford represents Andrews Kurth LLP on the following pages. An “authority on the formations of partnerships”, Ford received great praise from his peers for his “excellent work and easy manner”. He also has a great deal of experience structuring transactions based on section 29 of the Internal Revenue Code.
Brent Clifton from Locke Lord Bissell & Liddell LLP concentrates on real estate transactions and is in possession of “a really deep knowledge of the local area”. Clifton has served as vice chair of the ABA’s committee on partnerships’ section of taxation since 2004.
Cym Lowell from Gardere Wynne Sewell LLP has a “highly respected international practice”. He advises clients such as eBay, DHL and Sony Corporation on a full range of international tax planning matters. He is particularly well versed in international transfer pricing for income taxation and customs dutiable value purposes.