Overview

David Abbott is a highly respected tax litigator and transactional lawyer. He advises clients across a broad range of critical issues, with a particular focus on key areas of corporate concern involving tax litigation.

David’s dispute resolution practice emphasizes tax litigation and controversy, as well as bankruptcy disputes. He has experience with tax audits and appeals, and represents clients before the Tax Court and the US Court of Federal Claims. David’s current and past cases involve corporate acquisition-related issues, payment of acquisition-related fees and financing-related issues such as debt versus equity characterizations, debt/equity swaps, transfer pricing and tax treatment of leasing transactions, including LILOs and so-called "SILOs." In addition, David has represented equity investors in Chapter 11 bankruptcy cases involving several leading airlines with respect to aircraft lease Tax Indemnity Agreement claims.

Straddling his tax litigation and transactional work, David has extensive experience with valuations of business enterprises plus tangible and intangible assets. He works regularly with valuation experts to document and justify appraisal conclusions and present or defend them in tax audits and litigation.

On the transactional side, David represents equity investors, lenders and lessees in equipment and real estate leasing transactions, acquisition and divestiture of leasing portfolios and leasing subsidiaries and related tax-oriented financing structures and debt instruments. His transactional tax counsel also encompasses valuation work acquisitions and divestitures, financial products, consolidated return regulations, general corporate taxation and partnership taxation.

Spoken Languages

  • English
Highlights
Tax Controversy Team of the Year

Experience

  • CIBC USA Holdings, Inc., formerly known as, CIBC Delaware Holdings, Inc. and Subsidiaries v. United States, in the United States Court of Federal Claims (allocation of deductible expense, Complaint filed 16 September 2016).
  • Exelon Corporation, as successor by merger to UNICOM Corporation and Subsidiaries v. United States, in the United States Court of Federal Claims (interest netting, Complaint filed 29 July 2016).
  • Exelon Corporation, as Successor by Merger to UNICOM Corporation and Subsidiaries, Et AI. v. Commissioner of Internal Revenue in the United States Tax Court, Docket Nos. 29183-13, 29184-13 (tax claim regarding deferred like-kind exchange of power plants sold and replacement plants acquired under lease, tried August 2015, opinion September 2016).
  • Potomac Electric Power co. & Subsidiaries v. United States, Docket No. 12-19 and PCI Holdings, Inc. & Subsidiaries v. United States, Docket No. 12-23 in the United States Court of Federal Claims (tax claim regarding PEPCO’s SILO Transactions, settled before decision 11 May 2015).
  • WFC Holdings Corporation v United States, No. 13-1037 (Sup. Ct. 2014), amicus brief filed.
  • UnionBanCal Corporation & Subsidiaries v. The United States, in the US Court of Federal Claims, Docket No. 06-587-T (tax claim regarding lease-in/lease out transactions, tried March 2012, decided 2013).
  • Wells Fargo & Company and Subsidiaries v. The United States, in the US Court of Federal Claims, Docket No. 06-628-T (tax claim regarding sale-leaseback transactions, tried April 2009, decision January 2010. Appeal December 2010, decision 2011).
  • Altria Group, Incorporated v. United States of America, in the Court of Appeals, 2nd Circuit, Case No. 10-2404 (tax claim regarding lease-in/lease-out transaction, tried June 2011, decided September 2011).
  • Consolidated Edison Company of New York, Inc. & Subsidiaries v. The United States, in the US Court of Federal Claims, Docket No. 06-305-T (tax claim regarding lease-in/lease-out transaction, tried October 2007, decision October 2009, appeal December 2011, decided 2013).
  • UAL Corporation, et al, Debtors, Chapter 11 Case No. 02B48191 (jointly administered; objection to General Foods' claim is sustained in part and overruled in part; decision filed June 2006).
  • Norwest Corporation and Subsidiaries v. Commissioner of Internal Revenue, T.C. Docket Nos. 20567-93 and 26213-93 (debt-equity swap; asbestos removal expense; and lease portfolio valuation; tried to verdict September 1997).
  • Nestlé Holdings, Inc. v. Commissioner of Internal Revenue, T.C. Memo 1995-441 (September 14, 1995; I.R.C. § 482 reallocations, Carnation acquisition).
  • In re Delta Airlines, Inc., 608 F.3d 139 (2nd Cir. 2010), amicus brief filed.

Admissions

  • Illinois

Court

  • US Supreme Court
  • US Court of Appeals for the Second Circuit
  • US Court of Appeals for the Federal Circuit
  • US Court of Appeals for the Seventh Circuit
  • US Court of Federal Claims
  • US Tax Court
  • US District Court for the Northern District of Illinois