Two tax lawyers who work in the municipal bond market have been tapped to serve two-year terms on the tax-exempt bond team of the Internal Revenue Service's Advisory Committee on Tax-Exempt and Government Entities, which is scheduled to meet here on June 10.
The IRS announced yesterday that David Cholst, of Chapman and Cutler LLP in Chicago, and George Magnatta, of Saul Ewing LLP in Philadelphia, are among 10 new members of the advisory group.
Michael Bailey, of Foley & Lardner LLP in Chicago, will remain on the tax-exempt bond team for another year, having served half of his two-year term, the IRS said.
Patricia Phillips, director of finance for Virginia Beach, Va., and a member of the Government Finance Officers Association's executive board, was tapped to join the federal, state, and local government team on the advisory committee. Phillips, who is an ex-officio member of the GFOA's committee on governmental debt management, also will serve a two-year term.
Cholst is a partner in the tax department of Chapman, where he provides advice relating to tax-exempt bonds, Build America Bonds, and tax credit bonds. He represents governmental issuers, underwriters, investment brokers, and attorneys in the muni market. He also heads his firm's arbitrage rebate computation service. Cholst is a member of the National Association of Bond Lawyers and has helped plan its tax seminar. He also is a member of the American Bar Association's tax-exempt financing committee.
He received his doctorate from the University of Chicago Law School in 1983, a master of science degree in mathematics from the University of Chicago in 1977, and a bachelor's degree, magna cum laude, from Harvard University in 1976.
Magnatta is chair of Saul Ewing's public finance department and a former IRS official. He has served as bond counsel, underwriters' counsel, borrowers' counsel, and tax counsel for states, localities, economic and housing authorities, as well as nonprofit entities. He was assistant branch chief of the IRS' Office of Chief Counsel from 1981 through 1985. He also co-authored "The ABCs of Industrial Development Bonds."
Magnatta received his master of laws in taxation from Georgetown University Law Center in 1984, his law degree, magna cum laude, from Temple University in 1981, and his bachelor's degree, cum laude, from Villanova University in 1977.
Phillips oversees debt administration, risk management, purchasing, accounting, and payroll for Virginia Beach.
Prior to becoming finance director for the city, she served as director for its Office of Research and Strategic Analysis. She also worked for Coopers and Lybrand, now PricewaterhouseCoopers, as a public accountant.
Phillips is a certified public accountant and a certified government financial manager. She holds a master of business administration degree from Old Dominion University.
