Christopher C. Scarpa

Christopher Scarpa

Overview

Christopher C. Scarpa focuses his practice on the taxation of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), real estate mortgage investment conduits (REMICs) and other pooled investment vehicles. Chris frequently advises investment companies on compliance with the requirements under Subchapter M of the Internal Revenue Code.

He also has significant experience in advising tax-exempt organizations, such as health care institutions, religious entities, and colleges and universities in nonprofit governance issues and tax exemption issues, such as private inurement, excess benefit transactions, international grant making excise taxes and unrelated business income. Chris rounds out his practice by advising clients in general corporate tax issues, the taxation of financial products and investment related international tax issues such as the Foreign Account Tax Compliance Act (FATCA), Chapter 3 withholding and the Foreign Investment in Real Property Tax Act (FIRPTA).

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Results

Representative Matters

Investment Management Tax: 

  • advised partnerships converting to regulated investment companies, including the issuance of tax opinions on the tax-free nature of the conversions under Section 351 of the Internal Revenue Code and drafting transfer agreements 
  • issued tax opinions that income from a Cayman Islands controlled foreign corporation formed to invest in commodity-linked derivatives gives rise to qualifying income under the 90 percent good income test applicable to regulated investment companies 
  • issued tax opinions in connection with “C,” “D,” and “F” reorganizations, including drafting the tax sections of the N-14 plans of reorganization and analyzing the continuity of the business enterprise requirement 
  • issued tax opinions that a distribution of securities in-kind by ETFs in a redemption transaction results in no gain to the ETF under Section 852(b)(6) of the Internal Revenue Code 
  • advised an international asset manager on the application of FATCA 
  • advised on the formation of an India-focused fund, including the use of a Mauritius master fund to minimize Indian short-term capital gain taxes 
  • advised on various tax issues arising in the context of insurance-dedicated funds, including diversification and investor control issues 
  • advised on tax issues relating to amendments to the rules that govern money market mutual funds that operate under Rule 2a-7 under the Investment Company Act of 1940 (e.g., the application of the wash sale rule, adoption of the net asset value method of accounting and the tax consequences to funds and their shareholders of spinning off the institutional or retail share class into a new fund)
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Credentials

Bar Admissions
  • Pennsylvania
Court Admissions
  • U.S. Tax Court
Education
  • LL.M. in Taxation, with distinction, Temple University Beasley School of Law
  • J.D., cum laude, Temple University Beasley School of Law
  • B.S., maxima cum laude, La Salle University
Memberships

  • American Bar Association, Section of Taxation
  • Philadelphia Bar Association, Section of Taxation
  • Member, Tax Council, Philadelphia Bar Association 
  • Vice President and Member, St. Thomas More Society

Publications

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Speaking Engagements

  • Presenter, "Custom Baskets in ETFs," BBD Webinar
  • Presenter, "What's on the ETF Horizon? and Where Have All the Good Swaps Gone? 'Futurization' and Other Consequences of Centrally Cleared Swaps," Investment Company Institute Mutual Funds and Investment Management Conference
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