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David Shechtman is chair of the Tax Team in the firm's Corporate and Securities Practice Group. His practice includes a wide range of federal, state and local tax matters, including capital asset disposition planning; tax aspects of mergers, acquisition and recapitalizations; capital asset disposition planning; S corporations and partnerships; and administrative appeals of federal, state and local tax controversies. He has developed a national practice in the area of like-kind exchanges of real estate and other assets. In his capacity as counsel to taxpayers and various exchange intermediaries, David has structured and documented hundreds of like-kind exchange transactions for major oil and gas, telecommunications and railroad companies, as well as REITs and smaller real estate owners. He also represents various banks and financial institutions in their capacities as intermediaries, trustees and escrow agents for exchanges. His clients include Wachovia Bank, Union Pacific, Richland Properties and Alliance Exchange Corporation.
Representative Matters:
Obtaining a private letter ruling for one of the first "repetitive exchange programs" used by an auto leasing company for every disposition of its off-lease vehicles. Annual exchange values currently exceed $1 billion.
Assisting a home builder client in establishing a structure for equity-based employee compensation combined with tax efficient inter-company transfers of land or contract rights to obtain land
For a major oil and gas company, structuring as a series of safe-harbor "reverse" exchanges, an ongoing "raze and rebuild" program for existing gas station properties, coupled with various gas station dispositions aggregating more than $200 million.
David frequently writes on tax topics and also lectures at American Bar Association meetings and various conferences on tax law. He is an active member of the Section of Taxation of the American Bar Association, serving on the Corporate Tax Committee and currently serving as chair of the Committee on Sales, Exchanges and Basis. David is a former officer and current council member of the Philadelphia Bar Association's Tax Section and has chaired several committees which comment on proposed federal and state regulations. He also is the author of the chapters on federal and Pennsylvania taxes in the West publication Pennsylvania Forms and Commentary - Business Organizations. He is a fellow of the American College of Tax Counsel. David is admitted to practice in Pennsylvania.
Presentations and Publications. David frequently speaks on the subject of like-kind exchanges and other tax topics. His recent presentations include Like-Kind Exchanges: Creative Planning Techniques, Pennsylvania Bar Institute, March, 2007; Current Developments Under §1031, ABA Tax Section Meeting, January, 2007; Like-Kind Exchanges Under §1031, Center for Professional Seminars "Eleventh Annual National Conference on Like-Kind Exchanges Under §1031," October 2006; 1031 Like-Kind Exchanges sponsored by Wachovia Exchange Services, Inc, May 2006; Tax Consequences of Litigation Settlements and Awards, Pennsylvania Bar Institute, October 2005; Like-Kind Exchanges of Intangibles, ABA Tax Section Meeting, May 2005; Reverse Like-Kind Exchanges and Other "Hot" Exchange Issues, New York University "59th Institute on Federal Taxation," October 2000; and Tax Issues Arising From Employment Discrimination Awards and Settlements, 54th Annual Penn State Tax Conference, June 2000. He recently authored IRS Provides Exchange Deadline Relief for Disaster Victims and (Perhaps) a Remedy for Others, Real Estate Taxation, Volume 32/Issue 4, Third Quarter 2005, Thompson Legal & Regulatory Group and co-authored Reverse and Build-to-Suit Like Kind Exchanges, Proceedings of the New York University 59th Institute on Federal Taxation 2001, published by Matthew Bender & Company, Fall 2001.
In General. A 1974 graduate of Swarthmore College, David received his bachelor's degree, with high honors, in economics. An active participant in undergraduate activities, he served as an editor of the campus newspaper and played on the varsity basketball team. David earned his J.D. degree from Cornell University Law School in 1977. While in law school, he was a moot court finalist and won the Evidence Prize for the best evidence exam. | 