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Theodore L. Press

Staff Lawyer
Fax +1.202.778.9100
Mr. Press’ practice focuses on federal and state income and excise tax matters involving (1) financial institutions and other corporations, (2) private investment and other partnerships and limited liability companies, including “hedge funds,” (3) regulated investment companies (“RICs”) and other “pass-through” entities, including real estate investment trusts, common and collective trust funds, and group trusts, and (4) individuals, including U.S. citizens, as well as resident and nonresident aliens. Recent matters include tax-free and taxable reorganizations between open-end investment companies and between closed-end and open-end investment companies, and series thereof; establishing private investment companies under sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940; preparing policies and procedures for partnership allocations and distributions; restructuring partnership and corporate entities in “master-feeder” structures and unwinding such structures; establishing fund of funds structures; establishing offshore subsidiaries for RICs’ investments in commodities and offshore entities for investing in the United States, including handling “passive foreign investment company” and “controlled foreign corporation” issues; obtaining IRS approval of a nonbank trustee/custodian for individual retirement and other accounts; obtaining private letter rulings and IRS closing agreements regarding various matters involving RICs; and obtaining a private letter ruling that investment advisory and related fees a tax-exempt organization received do not constitute unrelated business taxable income.

Mr. Press also handles matters involving the state law requirements for investment companies, partnerships, limited liability companies, statutory and business trusts, and real estate.

Professional/Civic Activities

  • American Bar Association, Section of Taxation Committee on Investment Management (f/k/a Committee on Regulated Investment Companies), former chair
  • Journal of Taxation of Investments, Board of Advisors and Contributing Editors, member
  • Investment Company Institute Tax Advisory Group, member
  • Professorial Lecturer in Law, The George Washington University Law School

Speaking Engagements

  • "How the IRS's Ruling Suspension Affects Funds," October 2011 webinar
  • “Preparing for the Increased Demands with FBAR Reporting,” January 2010 webinar
  • “Tax Issues Associated with Distressed Securities,” Investment Company Institute Tax & Accounting Conference, September 2009
  • "U.S. Foreign Tax Credit Reporting," Investment Company Institute Tax & Accounting Conference, September 2005
  • "Taxation of Selected Investment Management Vehicles: Mutual Funds, Investment Partnerships, and Bank Funds," presented at LEI 1999 National CLE Conference Taxation Law Seminar
  • "Tax and Accounting Implications of New Product Developments," IBC Mutual Fund Tax & Accounting '97 Conference, June 1997, and '98 Conference, April 1998
  • Frequent moderator and panelist at meetings of American Bar Association, Section of Taxation committees