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April 05, 2023
Cadwalader’s Mark Howe, Linda Swartz and William Walsh have been recognized with a 2023 Burton Award for Distinguished Legal Writing for their article, “Digital Taxation Is Necessary, But Tough To Manage,” published in October 2022 by Law360. The Burton Awards annually go to only 25 articles/writers from entries submitted by the nation's 1,000 largest law firms.
The article examines the areas of tax uncertainty involving the digital economy, including: the extent to which existing tax rules could — or even should — be extended to digital transactions as opposed to creating sui generis approaches for digital assets; proper tax reporting for digital transactions; the development of sourcing rules for the digital economy that would rationalize national level taxation of transactions that may have connections to multiple jurisdictions — or perhaps to no jurisdiction at all; and a range of substantive tax issues posed both by the intrinsic nature of digital assets and the use of digital transactions— including decentralized finance transactions — to bypass the traditional role of regulated financial intermediaries.
The authors are members of the Tax Group at Cadwalader. Howe, a partner, concentrates his practice on financial products, asset management and securitization, including the tax aspects of capital markets, general corporate finance, securities, and commodities. His work includes emphasis on the tax structuring of domestic and offshore investment funds and in the development, structuring, and implementation of a wide variety of financial and derivative products and transactions, such as fixed income, currency, equity, and commodity linked swaps, forwards, notes, options, and similar instruments and transactions, securities and other instruments with embedded derivatives, and hybrid and synthetic products. Swartz is a partner and the long-time chair of Cadwalader’s Tax Group and a member of the firm's Management Committee, and she focuses her practice on structuring complex global mergers and acquisitions, spin-offs, joint ventures and restructurings, and on foreign tax planning strategies. She also regularly advises clients on fund structures, financings and derivative transactions. Walsh is a Tax associate.
The Burton Awards program, established in 1999, is funded by the Burton Foundation, a non-profit 501(c)(3) organization and academic effort devoted to recognizing and rewarding excellence in the legal profession. The Burton Awards were established to honor the finest accomplishments in law, including writing, reform, public service and interest, regulatory innovation, and lifetime achievements in the profession. According to the Burton Foundation, “The winners are truly exemplary, technically skilled and effective writers. The authors have set a new and even higher standard of excellence.”