Clay Littlefield is a partner in the firm’s federal income and international tax practices. His clients include both U.S. and foreign companies and individuals. Clay regularly advises U.S. and foreign hedge funds, venture capital and private equity funds on the tax and legal aspects of various structuring alternatives and investment product proposals. Clay also regularly provides counsel and advice to U.S. and foreign clients in connection with mergers and acquisitions, distressed debt arrangements, and real estate and corporate finance issues.
Prior to joining Alston & Bird, Clay worked in Washington, D.C. as an attorney with the Internal Revenue Service’s Office of Associate Chief Counsel, Division of Financial Institutions and Products. Accordingly, he has significant tax experience and regularly advises clients with regard to issues involving banks, structured finance, asset-backed securitizations (e.g., REMICs, CDOs), hedging and the tax aspects of various derivative financial instruments and structured transactions. As the tax rules are constantly evolving, Clay regularly consults with his former government colleagues and industry contacts on emerging issues, trends and prospective IRS guidance.
- Counsels clients on various federal tax issues arising in the context of various securitization arrangements, including REITs, REMICs and CDOs.
- Regularly provides advice to clients on the REMIC tax implications of making various modifications to residential and commercial mortgage loans and/or liquidating certain REMIC portfolios.
- Drafted a comment letter and participated in meetings with the IRS in connection with the agency’s request for industry guidance on permitted modifications to REMIC commercial mortgage loans prior to its issuance of new REMIC regulations.
- Advises clients on federal tax issues associated with U.S. and foreign domiciled hedge fund and private equity structures and investments.
- Provided advice to hedge fund-of-funds clients on potential risks of underlying investments being classified as “effectively connected with the conduct of a U.S. trade or business” and the potential U.S. tax consequences to other fund investments and fund investors generally.
- Assisted a client in the planning, creation and implementation of a “tracking” fund structure designed to reduce tax on earnings from investments not falling within certain securities and commodities trading safe harbors.
- Provided advice to a client in connection with creating a parallel European fund structure to obtain tax and regulatory “transparency.”
- Provided advice to a client on the potential application of various tax principles to a proposed investment in derivative financial instruments having hedge fund interest classes as the underlying reference entities.
- Counsels clients regarding the structuring and implementation of various cross-border structured financing transactions.
- Provided advice to banking and financial services clients on the tax characterization of trust preferred securities arrangements.
- Provided advice to client on the tax consequences of a reverse triangular merger followed by various asset and partnership interest contributions and related financing transactions.
- Advises clients on the federal income tax consequences of transactions involving swaps, options, forward and futures contracts, hybrid debt-equity instruments and other derivative financial products.
- Assisted a client in seeking an IRS ruling relating to the characterization of a new type of exchange-traded, currency futures contract.
- Counsels clients on federal tax associated with tax hedge qualification and related timing and character issues.
- Advises clients on the federal tax treatment of REPOs and securities lending transactions.
- Counsels clients with respect to the structuring and implementation of real estate transactions involving various federal and state tax credits.
- Represents master and special servicers in connection with defeasance of commercial mortgage loans.
Past Events
-
April 30, 2013
Seminar
-
April 25, 2013
Seminar
-
January 17, 2012
Seminar
-
April 21, 2011
Seminar
-
November 17-19, 2010
Seminar
-
September 23-25, 2010
Seminar
-
May 19, 2010
Seminar
-
January, 2010
Seminar
-
September, 2009
Seminar
-
May 18-19, 2009
Seminar
- American Bar Association, Vice-Chair of the Banking and Financial Institutions Tax Section
- Mortgage Bankers Association (Tax, Financial and Accounting)
- Alternative Investment Group of the Carolinas (AIGC)