NYU Stern
Conference on
THE INTERSECTION OF TAXES AND INVESTING
 
Friday, April 27, 2007
NYU Stern School of Business
 
 
8:00  
Registration and Continental Breakfast
 
 
8:45
Chairman’s Remarks
Robert Gordon, CEO, Twenty-first Securities
 
 
9:00 
TAXES AND INDIVIDUAL INVESTOR BEHAVIOR
James Poterba, Massachusetts Institute of Technology 
 
 
9:45   
THE COSTS OF TAKING LOSSES AND THE BENEFITS OF TAKING GAINS
 
David Stein, Chief Investment Officer, Parametric
"Taxes and Investment Management:  Observations from the Field"
 
Howard Marmorstein, University of Miami
 
 
10:45
Refreshment Break
 
 
11:00  
ASSET LOCATION
 
Jean L.P. Brunel, Managing Principal, Brunel Associates LLC
 
William Reichenstein, Baylor University
 
 
12:00
Lunch
 
What is a Tax Shelter?
Steven Rosenthal, Member, Miller & Chevalier
 
 
1:30  
THE STEP-UP IN BASIS AND OTHER INVESTOR TAX OPTIONS
 
Chester Spatt, Chief Economist and Director of the SEC’s Office of Economic Analysis;
Carnegie Mellon University

Ownership Forms, Asset Holdings and Taxes
 
Jeffrey E. Horvitz, Vice Chairman, Moreland Management
 
 
2:30  
THE ACTION/REACTION CYCLE TO FINANCIAL PRODUCTS INNOVATION
 
Viva Hammer, Member, Crowell & Moring LLP
 
Edward D. Kleinbard, Partner, Cleary Gottlieb Steen & Hamilton LLP
 
 
3:30
Refreshment Break
 
 
3:45
PREPAID VARIABLE FORWARDS-HOW DID WE GET HERE?
 
Jeffrey Maddrey, Principal, PricewaterhouseCoopers LLP.
 
Matthew A. Stevens, Counsel, Skadden, Arps, Slate, Meagher & Flom LLP.
 
  
 
ROBERT GORDON is CEO of Twenty-first Securities and has been an Adjunct Professor at NYU’s Stern School since 1991. Mr. Gordon is the author (with Jan Rosen) of Wall Street Secrets for Tax-Efficient Investing and author or coauthor of chapters of Tax Planning for the Affluent and The Investment Think Tank. He serves on the editorial advisory boards of Derivatives Report, The Journal of Taxation and Investments and The Journal of Wealth Management
JAMES POTERBA is the Mitsui Professor of Economics and the Head of the MIT Economics Department. He is also the Director of the Public Economics Research Program at the National Bureau of Economic Research and recently served as a member of the President's Advisory Panel on Federal Tax Reform. His recent work has emphasized the effect of taxation on the financial behavior of households, particularly their saving and portfolio decisions.
DAVID STEIN, PhD, is Chief Investment Officer of Parametric where he leads the investment, research, and product development activities. Prior to joining Parametric, Dr. Stein held positions as Director of Investment Research at GTE Investment Management Corporation; Director of Active Equity Strategies at the Vanguard Group; and Director of Quantitative Portfolio Management and Research at IBM Retirement Funds. Dr. Stein holds a Ph.D. from Harvard University in Applied Mathematics and M.S. and B.S. degrees from the University of Witwatersrand, South Africa.
HOWARD MARMORSTEIN, PhD, Associate Professor, University of Miami. MBA (1982) B.S. (1978) University of Pennsylvania (Wharton School). Research interests include consumers' financial decision-making behavior and financial services marketing. His recent publications have focused on tax-loss harvesting, principal-protected securities and how to read a prospectus.
JEAN L.P. BRUNEL, CFA, Managing Principal at Brunel Associates LLC.   Previously Chief Investment Officer at    JP Morgan Private Bank.  Editor of The Journal of Wealth Management and author of Integrated Wealth Management: The New Direction for Portfolio Managers .
WILLIAM REICHENSTEIN, CFA, PhD, holds the Pat and Thomas R. Powers Chair in Investment Management at Baylor University.  He is author of Integrating Investments and the Tax Code, an Associate Editor of Journal of Investing, on the Editorial Boards of Journal of Financial Education, Journal of Financial Planning and the  Journal of Applied Business Research. 
STEVEN ROSENTHAL is a member of  Miller & Chevalier and specializes in the taxation of financial transactions.  In the early 1990s, Steve was Legislation Counsel with the Joint Committee on Taxation.  His work on the Committee encompassed the taxation of financial institutions (including RICs, REITs, and REMICs), financial products including derivative contracts, capital gains, and similar subjects. Steve received his B.A. and J.D. from the University of California at Berkeley.  He holds a Masters Degree in Public Policy from the Kennedy School at Harvard University. Steve is a former Chair of the Tax Section for the District of Columbia Bar. 
CHESTER SPATT, PhD, is Chief Economist and Director of the Commission's Office of Economic Analysis. He joined the Commission from Carnegie Mellon University where he is the Mellon Bank Professor of Finance and Director of the Center for Financial Markets at the Tepper School of Business.  He is a leading expert on all facets of asset allocation and taxation including gain and loss harvesting, portfolio rebalancing and capital gains taxes, asset location, and estate taxes. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF's Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as Executive Editor and one of the founding editors of the Review of Financial Studies.
JEFFREY E. HORVITZ, Private Investor. Vice Chairman of Moreland Management. Co-author, Investment Management for Taxable Private Investors.
VIVA HAMMER, Member, Crowell & Moring LLP. University of Sydney, Australia (B.Ec., 1987); University of Sydney Law School (LL.B.,   First Class Hons., 1990).   Attorney-Advisor and Associate, Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the Treasury, 2000-2006.
EDWARD D. KLEINBARD is a partner at Cleary Gottlieb Steen & Hamilton LLP. His practice focuses on federal income tax matters, including taxation of new financial products, financial institutions and international mergers and acquisitions. Mr. Kleinbard is widely recognized as one of the elite tax lawyers in the United States. In June 2006, Mr. Kleinbard presented testimony before the Committee on Finance of the United States Senate on the advisability of public disclosure of U.S. corporate federal income tax returns. In 2005, Mr. Kleinbard was asked to present his comprehensive business income tax proposal, the Business Enterprise Income Tax, to the President’s Advisory Panel on Federal Tax Reform. He subsequently presented an expanded paper, "Designing an Income Tax on Capital," to the Brookings Institution in September 2005.   Mr. Kleinbard publishes frequently and is a member of the American Bar Association, the Association of the Bar of the City of New York and the New York State Bar Association, where he served on the Tax Section Executive Committee and co-chaired the New Financial Products Subcommittee.
JEFFREY MADDREY, JD, LLM, Principal, PricewaterhouseCoopers LLP. He was in the IRS Office of Assistant Chief Counsel (Financial Institutions and Products) and Attorney Advisor, US Treasury.
MATTHEW A. STEVENS, Counsel, Skadden, Arps, Slate, Meagher & Flom LLP.  From 2002 to 2004, Mr. Stevens served as Special Counsel to the Chief Counsel for the Internal Revenue Service.  J.D., Harvard Law School.