Adam S. Wallwork

Associate

wallworka@ballardspahr.com
Tel 202.661.7668
Fax 202.661.2299
Washington, DC

Adam S. Wallwork is in the firm's Public Finance and Tax Departments and is also part of the Qualified Opportunity Zones, Tax Credits, Virtual Currency, and Banking and Finance Groups. He regularly acts as special tax counsel, bond counsel and counsel to issuers, lenders, borrowers, underwriters, credit enhancers and fiduciaries in connection with tax-exempt, and tax-advantaged and taxable financings across the country. He advises clients on a range of U.S. federal, state, and local tax issues that arise for investors, sponsors, underwriters, fiduciaries, and issuers in securitized and structured transactions. He works with domestic and foreign multinationals on U.S. federal income tax and reporting obligations arising from prepaid contracts, swaps, hedges and derivative transactions in both the primary and secondary markets. Adam also works with investors, fund managers, and businesses seeking to leverage tax equity generated by affordable housing, renewable energy projects, and the capital gains tax incentives for investing in opportunity zone business established by the 2017 tax reform act.

Adam has experience structuring and negotiating innovative financing solutions for state and local governments, municipal utilities, non-profit organizations, private developers, and banks and financial institutions for projects across a range of industries, including housing, health care, natural gas and electricity, renewable energy, recycling, manufacturing, educational, and cultural facilities. He regularly counsels private businesses on tax-exempt and tax-advantaged financing options, including renewable energy, affordable housing tax credits, and opportunity zone tax incentives that can substantially reduce capital costs for important projects.

Representative matters include:

  • Developing a tax-increment financing structure that allowed a municipality to use its share of casino revenue to secure low-rate tax-exempt financing of a local redevelopment project
  • Acting as tax counsel in connection with a $1 billion offering of municipal bonds to finance a prepayment by gas and electrical utilities of a long-term supply of natural gas
  • Advising trustees in issuances of more than $10 billion in municipal gas supply revenue bonds to finance prepaid gas supplies for dozens of gas utilities across the United States
  • Providing U.S. tax advice on more than $10 billion in currency, interest-rate, and commodities swaps
  • Drafting tax opinion, tax compliance procedures and offering documents in connection with tax-exempt bonds issued to finance a private college’s new residence halls and dining and athletic facilities
  • Acting as borrower’s counsel for a university to refinance the cost of its radio station
  • Acting as tax counsel for a series of tax-exempt bonds issued to finance new retirement facilities built by a Pennsylvania non-profit organization and to refinance the non-profit’s outstanding debt
  • Drafting U.S. tax disclosures and opinions for multinational companies in their issuance of credit card and auto receivables-backed notes in the United States under SEC Rule 144A
  • Advising museums, universities, and utility companies on tax and compliance issues related to their respective interest-rate, foreign-currency, and commodity swaps
  • Planning a foreign multinational's tax-free transfer of more than $1 billion of U.S. real property interests pursuant to a merger
  • Designing a tax-efficient real estate investment trust (REIT) structure for a foreign pension fund to hold several U.S. apartment buildings without incurring U.S. federal income taxes or filing obligations under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)

Board Memberships

Freer Sackler Gallery of Art, Silk Road Society, 2018-present

Professional Activities

National Association of Bond Lawyers

Tax Section of the American Bar Association

Tax Section of the District of Columbia Bar Association

Tax Section of the New York State Bar Association

Under 10 Club of the New York State Bar Association

International Tax Institute

Publications

"Treasury Regs Revamp Public Approval Process for Private Activity Bonds," 162 Tax Notes 387, January 28, 2019 

"IRS Designates Remaining Qualified Opportunity Zones," Ballard Spahr alert, June 18, 2018

"IRS Announces First Wave of Opportunity Zone Designations," 159 Tax Notes 1315; 88 State Tax Notes 917, May 28, 2018

Co-author, "Primer on Qualified Opportunity Zones," 159 Tax Notes 945; 88 State Tax Notes 683, May 14, 2018 

"IRS Allows Self-Certification of Qualified Opportunity Funds," The National Law Review, May 7, 2018

"IRS Announces First Wave of Opportunity Zone Designations," Ballard Spahr alert, April 24, 2018 

"Permanent or Temporary Deferral of Tax on Gains: Opportunity Zones," The National Law Review, March 1, 2018

"Treasury Expands "Safe Harbor" List of Opportunity Zones," Ballard Spahr alert, February 28, 2018

"States Must Act Now on Opportunity Zone Tax Incentives That Target Low-Income Communities," Ballard Spahr alert, February 9, 2018

"Municipal Bonds After the Deluge," 159 Tax Notes 521, January 22, 2018

"President Trump Signs Tax Reform Legislation into Law Early," Ballard Spahr alert, December 22, 2017

"The Final Tax Bill: A Thoughtful Analysis," The National Law Review, December 21, 2017

"Private Activity Bonds and Stadium Bonds Saved in GOP Tax Reform Bill," The National Law Review, December 21, 2017 

"GOP Tax Overhaul Saves Private Activity Bonds and Stadium Bonds, Eliminates Advance Refundings and Tax Credit Bonds," Ballard Spahr alert, December 20, 2017

"Federal Tax Reform: The Current State of Play & The Big Picture," The National Law Review, December 5, 2017 

"Federal Tax Reform: Side-by-Side Comparison of the Senate and House Approved Bills, Plus the Big Picture," Ballard Spahr alert, December 5, 2017 

"Federal Tax Reform: How the Newly Passed House Bill Compares to the Senate Bill – A Side-by-Side Comparison, Plus the Big Picture," The National Law Review, November 17, 2017

"Federal Tax Reform: The Senate Bill – Comparison to the House Bill, and Evaluating the Bigger Picture," The National Law Review, November 15, 2017

"Federal Tax Reform: Senate Proposal Repeals Advance Refundings but Keeps Private Activity Bonds," The National Law Review, November 13, 2017

"Federal Tax Reform: The House Tax Bill—Summary and Where Do We Go From Here?" The National Law Review, November 6, 2017

"Federal Tax Reform: House Bill Rewrites Municipal Bond Rules," Ballard Spahr alert, November 3, 2017

"A Brave New World for Leveraged U.S. Real Estate Partnerships," 155 Tax Notes 91, April 3, 2017

"Preparing for Preparer Fraud: A Practitioner's Guide," 152 Tax Notes 73, July 4, 2016

"On the Use and Abuse of Legislative History in the 'Preparer Fraud' Doctrine," 70 The Tax Lawyer 403, 2016

"The Paradox of Preparer Fraud," 94 Taxes 69, 2016

"What You Don't Know Can Hurt You: Paying for Preparer Fraud," 149 Tax Notes 1509, December 21, 2015

"The Archaeology Paradox: More Laws, Less Treasure," Los Angeles Times, April 7, 2014

"The Economics of Property Laws," 1 Indonesian Journal of International and Comparative Law 1, 2013

"U.S. Government Counterterrorism Asset Freezes: Regulatory Seizures in a Digital Age of Terrorism," 41 Southern University Law Review 1, 2013

Recognition & Accomplishments

Empire State Counsel Honoree, 2017

Mukti Prize for Article of the Year, Indonesian Journal of International and Comparative Law, 2014

Outstanding Scholarly Achievement Award, Islamic University of Indonesia, 2014

Outstanding Scholarly Achievement Award, University of Surabaya, 2014

Outstanding Scholarly Achievement Award, Muhammadiyah University of Surakarta, 2014

Pro Bono Service Award, University of Chicago Law School, 2013

Phi Kappa Phi Honor Society

New York University School of Law (LL.M., Taxation, 2014)

The University of Chicago Law School (J.D., with Honors, 2013)

Syracuse University, (M.A. 2009)

Swarthmore College, (B.A. 2007)

New York

New Jersey

District of Columbia