Jim Reardon has more than thirty years of experience representing private and public companies in corporate and tax matters. As a counselor to closely-held partnerships, limited liability companies, S corporations, and their owners, he helps businesses reduce or eliminate federal corporate income taxation and achieve both operational and transactional goals. As a counselor to publicly-traded corporations, he advises regarding the consolidated return rules, tax-free reorganizations, recapitalizations, and withholding tax issues. His services include NOL preservation upon a change-of-control, consequences arising from cancellation or modification of debt, and the issuance of new debt or equity instruments to investors or creditors. He represents investment funds including private equity, real estate, infrastructure, and mezzanine.
Jim counsels companies on how to implement legislative and regulatory changes, such as the Inflation Reduction Act of 2022 (the “Act”), which permits federal tax credits to be transferred from a project owner to a buyer for cash. The Act updated and broadened renewable energy tax credits, including hydrogen, storage, and electric power. Texas and Louisiana already have the infrastructure and engineers to lead the country in renewable energy development, but the financing structures for the projects are more akin to venture capital funds than traditional oil and gas assets. He counsels clients on how to operate efficiently in this new fiscal environment.
Counsel on International Matters
Jim advises foreign corporations making investments or conducting business in the United States with respect to U.S. tax issues such as the Foreign Investment in Real Property Tax Act, effectively connected income subject to U.S. income taxation, the branch profits tax, and dividend withholding tax. He advises foreign lenders with respect to the portfolio interest exemption and Foreign Account Tax Compliance Act. He also counsels U.S. corporations and their executives doing business or setting up legal entities overseas.
Counsel for the Energy Industry
In the energy industry, Jim represents oil and gas companies making strategic acquisitions or divestitures. He counsels sponsors and developers of renewable energy projects with respect to sale-leaseback and partnership flip structures, as well as qualifications for claiming production tax credits and investment tax credits. His deep experience allows him to advise clients with respect to monetizing tax credits under the IRA.
Counsel Outside the Energy Industry
Outside of the energy industry, Jim structures partnership profit interests, non-qualified deferred compensation plans, and other executive compensation arrangements. He also advises tax-exempt organizations regarding forming joint ventures with private companies, advises technology companies raising seed capital, and assists with structured international licensing and distribution arrangements.
Honors & Recognitions
The Legal 500 United States: Domestic Tax: Central, 2014; Tax, 2012-2013; Bankruptcy Tax Specialist, Inside Turnarounds and Workouts, 2014
Practice Areas
- Tax
- Corporate
- Business Planning and Entity Formation
- Emerging Companies
- Executive Compensation
- Mergers & Acquisitions
- Mezzanine Finance
- Private Equity
- Venture Capital
- Acquisitions, Divestitures and Joint Ventures
- Energy Finance
- Infrastructure Projects
- Midstream Oil and Gas
- Oilfield Services / Drilling
- Power
- Real Estate Joint Ventures and Partnerships
- Renewable & Alternative
- Upstream Oil and Gas
Credentials
Education
LL.M., New York University School of Law, Taxation, 1996
LL.M., Universidad Pompeu Fabra, Corporate Law, Taxation, 1994
J.D., Boston College Law School, 1991
A.B., Georgetown University, 1987
Admissions
Texas
New York
Connecticut
Massachusetts
District of Columbia
United States Court of Federal Claims
United States Tax Court
Experience
Jim Reardon’s representations have included the following:
Energy
- A client regarding federal and state income tax advice related to the sale of electric generating facilities.
- A client in the structured the sale of 100 percent of pipeline partnership interests for $1.2 billion.
- Offshore wind farms.
- Project developer constructing facility to produce sustainable fuels.
- Venture capital investments in emerging energy technology.
- Operators regarding joint operating agreements and tax partnership provisions.
- Lenders regarding reserve-based loans.
Infrastructure
- A public electric utility in its sale of nuclear power electric generating facilities.
- A Texas power company in purchasing electric generating facilities.
- A developer of a peak power generating facility regarding equity investment and mezzanine debt financings.
- The developer of a Hawaii solar energy project and manufacturer of solar equipment regarding state and federal tax credits.
- Investors regarding acquiring and trading California carbon allowances and credits.
- A developer of geothermal properties in Nevada.
- A developer of a petrochemical plant in the Houston Ship Channel.
International
- U.S. and foreign publicly traded and private companies regarding in-bound and out-bound strategic joint ventures, acquisitions and dispositions, including renewable energy projects.
- Foreign multinationals regarding minimizing the tax consequences of repatriating capital and profits, establishing U.S. branches or subsidiaries, tax treaty issues, and effective tax rate management.
- A foreign sovereign wealth fund regarding oil concession in the Middle East.
- U.S. life science companies regarding foreign licensing, manufacturing, and distribution arrangements.
- U.S.-based multinational companies regarding managing foreign tax credits.
- U.S. companies in structuring foreign investments and exit strategies to take advantage of tax treaty networks and check-the-box elections.
Investment Funds
- A client in formation of a $400 million private equity fund.
- An infrastructure project company regarding senior debt, mezzanine debt, and shareholder loans.
- A creditors' committee regarding the workout of distressed loans.
Technology
- An S-corporation in the sale of all of its telecommunication assets to Berkshire Hathaway for $1.5 billion.
- A health care company regarding its entry into the Middle East region.
- A multinational oil field service company in acquisition and disposition of technology related businesses.
- Software companies regarding global licensing agreements.
- Pharmaceutical companies regarding global R&D, manufacturing, licensing, and transfer pricing.
- A public hospital regarding an R&D joint venture with a pharmaceutical company.
Tax Controversy
- Individual taxpayers at IRS appellate hearings, achieving favorable results.
- An oil and gas company at IRS appellate hearings, obtaining reversal of assessments of tax, interest, and penalties.
- A Middle Eastern oil and gas company regarding IRS appellate hearings.
Newsroom
News
Media Mentions
Publications
Speaking Engagements
Blog Posts
Affiliations
State Bar of Texas, Member
New York State Bar, Member