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| Selected by peers as a Leading Lawyer in: | |
| Tax Law: Business | |
| Advisory Board Member | |
| County: Cook | |
| Practice Description: Sheldon I. Banoff has concentrated in the area of federal income taxation for over 30 years, with particular concentration in investment, real estate, partnership and limited liability company taxation matters. His practice includes the representation of major real estate developers, syndicators, lenders and investors, including both taxable and tax-exempt investors and professional service (including law and accounting) firms. In addition to his work on behalf of the Firm's clients, Mr. Banoff is also a nationally and internationally known author and lecturer. Editor of the Journal of Taxation's monthly "Shop Talk" column since 1985, he has also written over 200 leading articles in the tax area. He is co-author of two books: "Illinois Limited Liability Company - Forms and Practice Manual" (Data Trace Legal Publishing Inc. 1999) and "Limited Liability Companies and S Corporations" (Illinois Institute of Continuing Legal Education 1999). Also, Mr. Banoff has been a Lecturer in Law at the University of Chicago Law School, where he taught an Advanced Seminar on Real Estate Transactions with emphasis or choice of form of entity, fiduciary duties, economic analysis of investments and taxation matters. He also serves on the Law School's Annual Tax Conference Planning Committee (which he chaired in 1993 and 1994). A past chairman of the Chicago Bar Association's Federal Taxation Committee, he now serves on its Executive Council. He is actively involved in the American Bar Association Section of Taxation, and is a frequent program speaker on partnership, limited liability company and tax planning matters. Actively involved in executive compensation and professional firm organization and management matters, Mr. Banoff is past Chairman of the Chicago Bar Association's Large Law Firm Committee and counsels law and accounting firms on various tax and non-tax matters. Mr. Banoff, a frequent spokesperson on taxation matters, has been interviewed on television and radio, and in magazines and newspapers. At the request of the Committee on Ways and Means of the U.S. House of Representatives, he has testified on partnerships and other pass-through entities. Mr. Banoff has annually been selected by a national poll of lawyers as one of the "The Best Lawyers in America" and is profiled in "Leading Illinois Attorneys," "Who's Who in American Law," Euromoney's "Guide to the World's Leading Tax Attorneys," and Chambers Global's Directory, "The World's Leading Lawyers." He is a member of the Chicago Federal Tax Forum and in 1994 was elected as a Fellow of the American College of Tax Counsel (one of 17 members in Illinois and 535 in America). Mr. Banoff graduated with high honors from the University of Illinois at Chicago with a Bachelor of Science degree in Accounting and received his law degree in 1974 from the University of Chicago Law School, where he was Associate Editor of the Law Review. Bar Admissions: Illinois, 1974 U.S. Tax Court Date of Birth: 1949 Law School: University of Chicago Law School,J.D., 1974 Undergraduate School: University of Illinois, B.S., 1971 Bar/Professional Association Involvement: American Bar Association Chicago Bar Association Journal of Taxation Limited Liability Entities Newsletter The Law Partnership and Benefits Report University of Chicago Law School Federal Tax Conference Planning Committee Published Legal Writing: From the Thoughtful Tax Advisor: The Tax Lawyer as Sumo Wrestler: End of a Tradition?, Feb 1, 1999 Limited Liability Legal Practice: New Opportunities and Responsibilities for Illinois Lawyers, Apr 15, 2003 Mr. Popeil Gets 'Reel' About Conversions of Legal Entities: The Pocket Fisherman Flycasts for 'Form' But Snags On 'Substance', Dec 1, 1997 New Rulings Expand Partnership Use of Corporate Partner Stock and Options as Compensation, Aug 1 1998 Partnership Use of Corporate Partner Stock and Options as Compensation Easier Under the 1032 Regs., Aug 1 2000 Rev. Proc. 2001-43, Section 83(b), and Unvested Profits Interests-The Final Facet of "Diamond"?, Oct 1 2001 Use of Corporate Partner Stock and Options to Compensate Service Partners -- Part 1, Dec 1 1998 Use of Corporate Partner Stock and Options to Compensate Service Partners -- Part 2, Jan 1 1999 What Goes Around Comes Around: Circular Ownership of Passthrough Entities, Mar 1 1999 When Can Law Firms and Lawyers Accept Stocks or Stock Options for Services?, Aug 1 2000 When Will an LLC's Trade or Business Be Imputed to Its Members?, Sep 2 1997 1000865 | |
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