William Funk

Of Counsel, Tax
Location: New York, NY

William Funk is the tax counsel of YK Law LLP.

Mr. Funk practices principally in the area of taxation, with emphasis on cross-border mergers and acquisitions, joint venture transactions, private and public investment vehicles, transfers of intellectual property, equity compensation, post-Wayfair sales tax planning, disclosure programs, and tax controversies. Mr. Funk has extensive experience in transactions between China and the U.S.

In addition to China and the U.S., Mr. Funk has also structured transactions in the following jurisdictions by collaborating with local counsel and local accounting firms: Belgium, Canada, Colombia, France, India, Israel, Kazakhstan, Poland, Spain, Uruguay, the UK, and other countries. Mr. Funk is also very familiar with offshore corporate structures.

Education

  • New York University School of Law (L.L.M.)
  • Vanderbilt University School of Law (J.D.); Associate Articles Editor, Vanderbilt Law Review
  • University of Chicago (A.B.)

Bar Admissions

  • New York
  • U.S. Tax Court

Memberships

  • International Bar Association
  • New York State Bar Association
  • New York City Bar Association

Recognition

  • Listed by SuperLawyers, U.S. News

Publications And Appearances

  • U.S. Tax Rules for U.S. Individuals Living in Canada, Webcast at Lorman Webinar (January 9, 2020).
  • New Guidance on Calculating UBTI for Separate Trades or Businesses Under Tax Reform, Webcast at Strafford Webinar (November 29, 2018).
  • Roundtable Discussion of Global Trends: New tax breaks / refunds / incentives / concessions, Address at the Annual Conference of the International Bar Association, Roma Convention Center – La Nuvola, Rome, Italy (October 10, 2018).
  • UBTI and UBIT in IRAs and Qualified Plans, Webcast at Strafford Webinar (August 30, 2018).
  • Eighth Amendment and License Suspension: Tax Enforcement in New York, State Tax Notes (December 4, 2017).
  • Panel Discussion: Successful Expansion to the US Market, Address at the United States Consulate in Amsterdam, Museumplein 19, 1071 DJ Amsterdam, Netherlands (May 17, 2017).
  • The Long-Awaited Return to the Fractions Rule: Proposed Regulations Under §514(c)(9)(E), 33 Tax. Mgmt. Real Estate. J. 91 (March 1, 2017).
  • Reporting UBTI and UBIT in Partnerships and S Corporations: Mastering K-1 Disclosures for Exempt Organization Partners, Webcast at Strafford Webinar (September 29, 2016).
  • Carried Interests and Tax Treatment of Fee Waivers: An Attempt at Reform in the Proposed Regulations, 18 Bus. Entities 14, (July/August 2016)
  • Report on New York State’s Driver’s License Suspension Program, New York State Bar Association (2016).
  • Abandonment Doctrine and Its Discontents:  Claiming Ordinary Losses after Pilgrim’s Pride, 31 Real Est. Tax Mgmt. J. 267, Sept. 2, 2015.
  • Abandonment Doctrine and Its Discontents: Claiming Ordinary Losses After Pilgrim’s Pride, Address at the Corporate Taxation Advisory Board Meeting, Bloomberg BNA (July 16, 2015)
  • U.S. Taxation of Sovereign Wealth Fund Investments in Funds (and Real Estate): Where We Stand Today, 30 J. Tax’n Investments 43, Summer 2013.
  • Is the Trading Safe Harbor for Non-U.S. Taxpayers Compatible with the Section 475(f) Election? 115 J. Tax’n 74, August 2011.
  • The Sun Also Sets:  Making the Most of TIPRA’s Changes to FIRPTA While They Last,  9 Bus. Entities 5, September/October 2007.
  • The ABCs of UBTI, 19 Prac. Tax Law. 43, Fall 2004.
  • The Thirty-Years Tax War, 24 Tax Notes Int’l 65, October 1, 2001; also published in 93 Tax Notes 271.

Experience

  • Advising funds on structuring domestic, inbound and outbound investments, including issues such as entity election, drafting offering documents, tax treaty planning and compliance with withholding and reporting rules.
  • Advising non-U.S. businesses on structuring U.S. operations, including issues such as entity elections, acquisitions, tax treaty eligibility, planning and compliance with withholding and reporting rules.
  • Advising and representing corporations in mergers and acquisitions (both buy-side and sell-side), including issues such as net operating loss preservation, restricted equity considerations, golden parachutes, international considerations, and drafting of covenants, representations and warranties.
  • Advising real estate developers on 1031 (“like-kind”) exchanges, extracting refinancing proceeds on a tax-free basis, workouts of underwater properties, formation of partnerships and crafting allocations and distributions.
  • Organizing and obtaining tax exemptions for nonprofits including public charities and private foundations, advising nonprofits on all phases of their life-cycle, from formation to operations (including domestic and international) to dissolution.
  • Structuring investments and developments by nonprofits to avoid exposure to unrelated business income tax (UBIT).
  • Advising businesses on sales tax and other state and local taxes.
  • Representation of individuals and businesses before the Internal Revenue Service regarding worker classification disclosures and FBARs, FATCA and other foreign asset and income compliance.
  • Representation of individuals before the Internal Revenue Service and the New York State Department of Taxation and Finance in tax controversies.
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