Daniel Cullen focuses his practice in tax advice and corporate finance.

Mr. Cullen’s practice includes:

• Real Estate Capital Markets. Mr. Cullen has significant experience in all aspects of tax planning for inbound and outbound real estate projects, including real estate investment funds, leveraged partnerships, joint ventures, REITs and Section 1031 Structures, such as tenancy-in-common arrangements and Delaware Statutory Trust offerings.  Mr. Cullen serves as a REIT columnist for the Journal of Passthrough Entities and is viewed as a leading expert in the taxation of REITS and related structures.
• Structured Finance. Mr. Cullen also has significant experience in tax matters relating to lease financings of real estate, aircraft, railcar, school busses and other equipment, including finance leases, leveraged leases, QTE, ETI and LKE enhanced lease structures and other domestic and cross-border leases, as well as tax matters relating to derivatives and financial products.
• Joint Ventures and Partnerships. Mr. Cullen has been involved in tax planning for many domestic and international partnerships, joint ventures and emerging companies, including projects in Australia, China, Brazil, Mexico, Europe, Russia, the Bahamas, Panama and the Philippines.

Bar and Court Admissions

Illinois, 2000

Ohio, 1998

United States Tax Court

United States Court of Federal Claims

United States Court of International Trade

Education

New York University, LL.M., 1998

American University, J.D., cum laude, 1997

State University of New York, B.A., magna cum laude, 1994

Publications

• "REITs and Carbon Emission Units," Journal of Passthrough Entities, November-December 2011
• "REITs - Structuring Percentage Rent Leases," Journal of Passthrough Entities, May-June 2011
• "REITs - Impermissible Service Income: the Good, the Bad and the Gray," Journal of Passthrough Entities, January-February 2011
• "Structuring Private REITs," Journal of Passthrough Entities, September-October 2010
• "UPREITs (Part III) - Bottom Dollar Guaranty (BDG) Agreements," Journal of Passthrough Entities, May-June 2010
• Co-Author, "REMICs - New Guidance for Mortgage Modifications," Real Estate Taxation, 2nd Quarter 2010
• "REIT Dividend Tax Characterization: Pre-Tax, After-Tax and Equivalent Yield Analysis," Journal of Passthrough Entities, January-February 2010  
• "UPREITs Part II Addressing Book-Tax Disparities," Journal of Passthrough Entities, pg. 21, September-October 2009
• "UPREITs and Sale Lockout Agreements," Journal of Passthrough Entities, pg. 21, May-June 2009
• "The New REIT Prohibited Transactions Safe Harbor," Journal of Passthrough Entities, pg. 21, January-February 2009
• “REITs and Tenant Friendly Structures - PLR 200752012,” Journal of Passthrough Entities, pg. 23, May-June 2008
• “Oil and Gas Working Interests as Section 1031 Replacement Property,” Real Estate Taxation, Vol. 35, No. 2, pg. 64, 2008
• "REITs and Foreign Currency Gains - Rev. Rul. 2007-33, Journal of Passthrough Entities, pg. 41, November-December 2007
• " UPREITs - Structuring Fractional Interest Tender Offers" Real Estate Taxation, Vol. 34, No. 4, pg. 165, 2007
• "The ABCs of DST - Using Fixed Investment Trusts in §1031 Real Estate Transactions," Real Estate Taxation, Vol. 34, No. 1, pg. 21, 2006
• Co-author, "The Impact of Tax-Exempt Leases on RESOS," Real Estate Taxation, Vol. 33, No. 1, pg. 32, 2005
• "Disregarded Entities and Guaranties - Bearing the Economic Risk of Loss Under Section 752," Real Estate Taxation, Vol. 32, No. 4, pg. 148, 2005
• Co-author, "Tenancy-in-Common Interests: A Valuable Addition to the Financial Planner’s Toolkit," 6 Journal of Prac. Estate Planning 21, October-November 2004
• Co-author, "Delaware Statutory Trusts and 1031: A Marriage Made in Heaven or Just a Pipe Dream?" 101 Journal of Taxation, 140, September 2004

Speeches and Seminars

• "Green: What an In-House Lawyer Needs to Know," Real Estate General Counsel’s Forum, New York, N.Y., Oct. 2011

• "Understanding the Implications of UBTI in Private Placement Structuring," Real Estate Investment Securities Association 2011 Spring Symposium, Irvine, Calif., March 2011

• "Real Estate Private Equity Capital: Evaluating and Navigating the Options," Real Estate Investment Association Panel Discussion, Chicago, Ill., January 2011

• "Financial Markets - What Debt Vehicles Are, Or Soon Will Become, Available from Wall Street, Main Street and Washington," Real Estate Investment Securities Association (REISA) 2009 Annual Conference Breaking New Ground, Las Vegas, Nev., October 2009

• "Tax & Accounting Update: The New Tax Bill; Carried Interest Legislation; & Other Key Issues," IMN's Non-Traded REIT Industry Symposium, New York, N.Y., June 2009

• "Creative Financing for Real Estate Capital Markets Transactions," Orchard Securities Annual Conference, Salt Lake City, Utah, June 2008
• "Tax-Deferred Structural Options in Oil & Gas Transactions," IMN 2^nd Annual Texas Tenant-In-Common Transactions Forum, Dallas, Texas, September 2007
• "U.S. REITS and Current Real Estate Market Trends, Privatization, the Sale of Public Infrastructure and the Australian Invasion," REIW Conference, Sydney, Australia, September 2006
• "Introduction to TICs and DSTs," Chicago Bar Association, Chicago, Ill., September 2006
• "Case Study: Examining the Use of the Delaware Statutory Trust Structure," IIR’s 2nd Annual Summit on Tenant-in-Common Transactions, Los Angeles, Calif., July 2006
• "Conducting Due Diligence in the Purchase and Sale of Real Estate, Transactional Tax Planning to Achieve Capital Gains," The Wall Street Transcript, Chicago, Ill., May 2006
• "Tax Deferred Exchange Basics," North American Title Company, Rosemont, Ill., January 2006
• "Taxation of Tenancy in Common Structures," 2^nd Annual TICA Conference, Las Vegas, Nev., October 2005
• "Will Tenant-in-Common Deals Become a Force in the Industrial Investment Market?" RealShare Industrial East Conference, Secaucus, N.J., June 2005
• "Recent Developments in Taxation on Real Estate," Taxation on Real Estate Conference, DePaul Conference Center, Chicago, Ill., May 2005
• Lecturer, "’Delaware Statutory Trusts and Oil and Gas Transactions under §1031," Northwestern University School of Law, Chicago, Ill., February 2005 and February 2006
• "Evaluating Structural Risks in Tenancy-in-Common Transactions,: The Tenant-in-Common Transactions Forum, New York, N.Y., November 2004
• "Rev. Rul. 2004-86: The Use of Delaware Statutory Trusts in Tenant in Common Structures," Chicago Bar Association, Chicago, Ill., November 2004
• 9^th Annual National Conference on Like-Kind Exchanges under §1031 I.R.C., Scottsdale, Ariz., Oct. 2004
• "International Joint Ventures," Chicago Bar Association, Chicago, Ill., January 2004
• "Introduction to International Joint Ventures," Alliance for Tax, Legal and Accounting Seminars, Chicago, Ill., May 2003
• Lecturer, "Taxation of Emerging Companies," Northwestern University School of Law, Chicago, Ill. Jan. 2001, September 2001 and October 2002
• "US Cross-Border Leasing - The Legal and Tax Framework," Forum on Cross-Border Leasing, Frankfurt, Germany and Warsaw, Poland, April 2002
• "Strategies for Entering & Exiting Joint Ventures," Tax Executives Institute, Chicago, Ill., April 2002

Professional Affiliations

• Chicago Bar – Federal Tax Committee, Partnerships and Pass-through Entities Division, Past Chairman, 2004-05

• American Bar Association – Taxation Section, Committee on Partnerships

Civic Involvement and Honors

• DePaul University College of Law – Adjunct Professor, Taxation of Structured Real Estate Transactions