Lawrence Staat counsels business owners and senior executives in matters affecting their businesses and personal estates. He has extensive experience in the areas of state and federal taxation, mergers and acquisitions, private placements, property sales and exchanges, employee compensation and benefits, estate planning, asset protection, succession planning, tax planning, and tax controversies.
For over 45 years, Larry has developed and implemented successful tax-wise plans for transactions involving businesses, real estate, investments, employment, gifts, and inheritance, often utilizing sophisticated techniques to achieve the desired tax results. He has litigated tax controversies before the United States Tax Court on behalf of both taxpayers and the IRS.
“IRC754: Partnership and Pass-Through Entity Basis Adjustments,” Strafford Seminars (January 21, 2014)
“Succession Planning for Business Owners,” The National Bank of Commerce-SNSF Business Seminar Series, Addison, IL (October 12, 2006)
“Transitioning From Work to Retirement,” JRWaters Seminar, Chicago, IL (October 2005)
“Illinois Partnership Distributions,” Lorman Education Services Seminars (June 2003, 2004, and 2005)
“Estate Planning Techniques for Residences and IRAs,” Financial Planning Association-Chicago Chapter, Chicago, IL (November 2003)
“The Basics of Business Succession Planning,” Webinar (February 21, 2008)
“Succession Planning For Business Owners,” Webinar (October 26, 2006)
Illinois
U.S. Supreme Court
U.S. Tax Court
U.S. District Court, Northern District of Illinois
DePaul University, M.S., Taxation, 1977
DePaul University, J.D., 1974
University of Illinois, B.S., cum laude, 1971
American Bar Association
Illinois State Bar Association
Chicago Estate Planning Council
Midwest Business Brokers and Intermediaries
Oxford Academy, Trustee
Illinois Super Lawyers (2007)
Leading Lawyers Network, Closely & Privately Held Business Law; Tax Law; Trust, Will & Estate Planning (2006-present)
Non-recognition of 100% of gain on sale of C-corporation stock under §1202 of Internal Revenue Code (“IRC”)
Avoidance of Illinois replacement tax on installment sale of S-corporation assets under IRC §435(h)
Deferral of gain on exchange of interests in Delaware statutory trusts under IRC §1031
Avoidance of dividend on redemption of decedent’s corporate stock under IRC §302 after application of constructive ownership rules under IRC §318
Avoidance of or compliance with IRC §409A for nonqualified deferred compensation plans
Non-recognition of gain on reorganization of corporations under IRC §§355 and 368
Avoidance of gain on distributions from partnerships under IRC §§704(c), 707, 731, and 737
Effective allocations of tax items of partnerships with carried interests or profits interests under IRC §704(b)
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