The Critical Role of TRAs in Different Transactions with Sean Brennan

Tax Professionals Share Challenges, Offer Advice, and Reject a Stereotype

Tax professionals thrive at a lightning-fast pace, dodging landmines and welcoming serendipity to achieve success. They also carve out interesting personal lives – so don’t call them “boring.”  Guests Albert Chang [https://www.linkedin.com/in/albert-chang-150a682/], David Peck [https://www.velaw.com/people/david-s-peck/], Eric Sloan [https://www.gibsondunn.com/lawyer/sloan-eric-b/], Rachel L. Cantor [https://www.kirkland.com/lawyers/c/cantor-rachel-l-pc], Phillip DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html], Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html], and David Schnabel [https://www.davispolk.com/lawyers/david-schnabel] give these and other insights about the world of tax receivable agreements in this special compilation episode with host Andy Lee [https://parallaxescapital.com/our-team/] of Parallaxes Capital [https://parallaxescapital.com/].  CONNECT AND LEARN MORE ☑️ Albert Chang | LinkedIn [https://www.linkedin.com/in/albert-chang-150a682/] | RBC Capital Markets [https://www.rbccm.com/en/home.page] ☑️ David Peck [https://www.velaw.com/people/david-s-peck/] | LinkedIn [https://www.linkedin.com/in/david-peck-6656375a/] | Vinson & Elkins [https://www.velaw.com/] ☑️ Eric Sloan [https://www.gibsondunn.com/lawyer/sloan-eric-b/] | LinkedIn [https://www.linkedin.com/in/sloan-eric-ba20926/] | Gibson Dunn [https://www.gibsondunn.com/] ☑️ Rachel L. Cantor [https://www.kirkland.com/lawyers/c/cantor-rachel-l-pc] | LinkedIn [https://www.linkedin.com/in/rachel-cantor-aaa5764/] | Kirkland & Ellis [https://www.kirkland.com/] ☑️ Phillip DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html] | LinkedIn [https://www.linkedin.com/in/philldesalvo/] | KPMG [https://kpmg.com/us/en.html] ☑️ Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html] | LinkedIn [https://www.linkedin.com/in/sean-michael-brennan-6030881a/] | Deloitte [https://www2.deloitte.com/us/en.html] ☑️ David Schnabel [https://www.davispolk.com/lawyers/david-schnabel] | LinkedIn [https://www.linkedin.com/in/david-schnabel-b3981a71/] | Davis Polk [https://www.davispolk.com/] ☑️ Andy Lee [https://parallaxescapital.com/our-team/] | LinkedIn [https://www.linkedin.com/in/lee-andy/] ☑️ Parallaxes Capital [https://parallaxescapital.com/] | LinkedIn [https://www.linkedin.com/company/parallaxes-capital/]  ☑️ Subscribe Apple Podcasts [https://podcasts.apple.com/us/podcast/trailblazing/id1724470082] | Spotify [https://open.spotify.com/show/0soVQ76K1hFGaEzNeEgXSI] | Amazon Music [https://music.amazon.com/podcasts/8046b613-3150-4394-8609-f10fde7448fe/trailblazing] | YouTube [https://www.youtube.com/@parallaxescapital]

Compilation Episode: Tax Trailblazers Answer Four Questions

Four questions: How did you find yourself working in tax? How did you first learn about TRAs? Have your clients’ perceptions of TRAs changed? Why aren’t TRAs more ubiquitous? In this special compilation episode of TRAilblazing, a podcast from Parallaxes Capital [https://parallaxescapital.com/], host Andy Lee [https://parallaxescapital.com/our-team/] presents a compilation of answers to those four questions. Listen in as Albert Chang [https://www.linkedin.com/in/albert-chang-150a682/], David Peck [https://www.velaw.com/people/david-s-peck/], Eric Sloan [https://www.gibsondunn.com/lawyer/sloan-eric-b/], Rachel L. Cantor [https://www.kirkland.com/lawyers/c/cantor-rachel-l-pc], Phillip DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html], Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html], and David Schnabel [https://www.davispolk.com/lawyers/david-schnabel] answer Andy’s questions and provide insight into the world of tax receivable agreements. CONNECT AND LEARN MORE ☑️ Albert Chang | LinkedIn [https://www.linkedin.com/in/albert-chang-150a682/] | RBC Capital Markets [https://www.rbccm.com/en/home.page] ☑️ David Peck [https://www.velaw.com/people/david-s-peck/] | LinkedIn [https://www.linkedin.com/in/david-peck-6656375a/] | Vinson & Elkins [https://www.velaw.com/] ☑️ Eric Sloan [https://www.gibsondunn.com/lawyer/sloan-eric-b/] | LinkedIn [https://www.linkedin.com/in/sloan-eric-ba20926/] | Gibson Dunn [https://www.gibsondunn.com/] ☑️ Rachel L. Cantor [https://www.kirkland.com/lawyers/c/cantor-rachel-l-pc] | LinkedIn [https://www.linkedin.com/in/rachel-cantor-aaa5764/] | Kirkland & Ellis [https://www.kirkland.com/] ☑️ Phillip DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html] | LinkedIn [https://www.linkedin.com/in/philldesalvo/] | KPMG [https://kpmg.com/us/en.html] ☑️ Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html] | LinkedIn [https://www.linkedin.com/in/sean-michael-brennan-6030881a/] | Deloitte [https://www2.deloitte.com/us/en.html] ☑️ David Schnabel [https://www.davispolk.com/lawyers/david-schnabel] | LinkedIn [https://www.linkedin.com/in/david-schnabel-b3981a71/] | Davis Polk [https://www.davispolk.com/] ☑️ Andy Lee [https://parallaxescapital.com/our-team/] | LinkedIn [https://www.linkedin.com/in/lee-andy/] ☑️ Parallaxes Capital [https://parallaxescapital.com/] | LinkedIn [https://www.linkedin.com/company/parallaxes-capital/]  ☑️ Subscribe Apple Podcasts [https://podcasts.apple.com/us/podcast/trailblazing/id1724470082] | Spotify [https://open.spotify.com/show/0soVQ76K1hFGaEzNeEgXSI] | Amazon Music [https://music.amazon.com/podcasts/8046b613-3150-4394-8609-f10fde7448fe/trailblazing] | YouTube [https://www.youtube.com/@parallaxescapital]

TRAs in Today’s Economic Environment with David Schnabel

Not long ago, many people were skeptical of TRAs. While skepticism is down, TRAs are still less common outside of UP-C transactions. Why is that? In this episode of TRAilblazing, a podcast from Parallaxes Capital [https://parallaxescapital.com/], host Andy Lee [https://parallaxescapital.com/our-team/], Founder and CIO of Parallaxes, is joined by David Schnabel [https://www.davispolk.com/lawyers/david-schnabel], Partner at Davis Polk [https://www.davispolk.com/] in New York, for a broad discussion that touches on many aspects of TRAs and tax law. Specifically, David shares why he believes TRAs are not more common outside an UP-C transaction, how client perception of TRAs has changed over the years, and advice for the next generation of tax professionals working with TRAs. CONNECT AND LEARN MORE ☑️ David Schnabel [https://www.davispolk.com/lawyers/david-schnabel] | LinkedIn [https://www.linkedin.com/in/david-schnabel-b3981a71] ☑️ Davis Polk [https://www.davispolk.com/] on LinkedIn [https://www.linkedin.com/company/davis-polk-&-wardwell-llp/] & Facebook [https://www.facebook.com/davispolkllp/] ☑️ Andy Lee [https://parallaxescapital.com/our-team/] | LinkedIn [https://www.linkedin.com/in/lee-andy/] ☑️ Parallaxes Capital [https://parallaxescapital.com/] | LinkedIn [https://www.linkedin.com/company/parallaxes-capital/]  ☑️ Subscribe Apple Podcasts [https://podcasts.apple.com/us/podcast/trailblazing/id1724470082] | Spotify [https://open.spotify.com/show/0soVQ76K1hFGaEzNeEgXSI] | Amazon Music [https://music.amazon.com/podcasts/8046b613-3150-4394-8609-f10fde7448fe/trailblazing] | YouTube [https://www.youtube.com/@parallaxescapital]

The Critical Role of TRAs in Different Transactions with Sean Brennan

Tax receivable agreements are not new, but they are somewhat misunderstood and likely underutilized in certain transactions. In this episode of TRAilblazing, a podcast from Parallaxes Capital [https://parallaxescapital.com/], host Andy Lee [https://parallaxescapital.com/our-team/], Founder and CIO of Parallaxes, is joined by Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html], Partner at Deloitte [https://www2.deloitte.com/us/en/pages/about-deloitte/articles/innovation-that-matters.html?id=us:2ps:3gl:firmfy24:eng:greendot:090419:nonem:na:yIipOkOQ:1161506027:454252210270:e:RLSA_Brand-Building-General:RLSA_BB-General_Exact:br&pcridmt=454252210270&gad_source=1&slid=&gclid=Cj0KCQjwpNuyBhCuARIsANJqL9PyB2SYBmwiWfu39NtR3DYUCvJEIMU3Te6RfFLIUj5jE3-vbNOP44caAuizEALw_wcB&pmtmt=e&mkwid=syIipOkOQ_dc&pkw=deloitte%20us], to examine how TRAs are used in various types of transactions. Specifically, Andy and Sean discuss the use of TRAs in the context of post-IPO transactions, pre-IPO transactions, and transactions between privately-held companies.   CONNECT AND LEARN MORE ☑️ Sean Brennan [https://www2.deloitte.com/us/en/profiles/sean-brennan.html] | LinkedIn [https://www.linkedin.com/in/sean-michael-brennan-6030881a/] ☑️ Deloitte [https://www2.deloitte.com/us/en/pages/about-deloitte/articles/innovation-that-matters.html?id=us:2ps:3gl:firmfy24:eng:greendot:090419:nonem:na:yIipOkOQ:1161506027:454252210270:e:RLSA_Brand-Building-General:RLSA_BB-General_Exact:br&pcridmt=454252210270&gad_source=1&slid=&gclid=Cj0KCQjwpNuyBhCuARIsANJqL9PyB2SYBmwiWfu39NtR3DYUCvJEIMU3Te6RfFLIUj5jE3-vbNOP44caAuizEALw_wcB&pmtmt=e&mkwid=syIipOkOQ_dc&pkw=deloitte%20us] on LinkedIn [https://www.linkedin.com/company/deloitte/], Facebook [https://www.facebook.com/DeloitteUS/?brand_redir=21474437688], Twitter/X [https://x.com/Deloitte?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor], & YouTube [https://www.youtube.com/channel/UCZV_jCLEP4vq7KLmbBqqu8g] ☑️ Andy Lee [https://parallaxescapital.com/our-team/] | LinkedIn [https://www.linkedin.com/in/lee-andy/] ☑️ Parallaxes Capital [https://parallaxescapital.com/] | LinkedIn [https://www.linkedin.com/company/parallaxes-capital/]  ☑️ Subscribe Apple Podcasts [https://podcasts.apple.com/us/podcast/trailblazing/id1724470082] | Spotify [https://open.spotify.com/show/0soVQ76K1hFGaEzNeEgXSI] | Amazon Music [https://music.amazon.com/podcasts/8046b613-3150-4394-8609-f10fde7448fe/trailblazing] | YouTube [https://www.youtube.com/@parallaxescapital]

TRAs, Tax Law, and The Path to Ubiquity with Phill DeSalvo

Early on, folks were hesitant as to whether the technical tax rules that underpin TRAs would work. As it turns out, it’s not terribly controversial.  In this episode of TRAilblazing, a podcast from Parallaxes Capital [https://parallaxescapital.com/], host Andy Lee [https://parallaxescapital.com/our-team/], Founder and CIO of Parallaxes, welcomes Phill DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html]. Phill is a principal in KPMG [https://kpmg.com/us/en.html]’s National M&A Tax practice and the founder of KPMG’s Partnership Transactions Group, which focuses on tax and structuring engagements for complex transactions. Phill is also an adjunct professor at Northwestern University where he teaches a class on the practical applications of tax modeling. Tune in to hear Phill and Andy discuss the intricacies of TRAs, the truth about TRAs and tax law, and the path to TRAs becoming more commonplace. Phill also shares how he seized the opportunity to build up a practice focusing on partnership tax and career advice for the next generation of tax professionals.  CONNECT AND LEARN MORE ☑️ Phill DeSalvo [https://kpmg.com/us/en/how-we-work/people/d/desalvo-phillip.html] | LinkedIn [https://www.linkedin.com/in/philldesalvo/]  ☑️ KPMG [https://kpmg.com/us/en.html] | LinkedIn [https://www.linkedin.com/company/kpmg-us/] ☑️ Andy Lee [https://parallaxescapital.com/our-team/] | LinkedIn [https://www.linkedin.com/in/lee-andy/] ☑️ Parallaxes Capital [https://parallaxescapital.com/] | LinkedIn [https://www.linkedin.com/company/parallaxes-capital/]  ☑️ Subscribe Apple Podcasts [https://podcasts.apple.com/us/podcast/trailblazing/id1724470082] | Spotify [https://open.spotify.com/show/0soVQ76K1hFGaEzNeEgXSI] | Amazon Music [https://music.amazon.com/podcasts/8046b613-3150-4394-8609-f10fde7448fe/trailblazing] | YouTube [https://www.youtube.com/@parallaxescapital]