Todd F. Maynes, P.C.

Partner Tax

Chicago

Todd F. Maynes, P.C.

Overview

Todd Maynes focuses his practice on the tax aspects of debt restructurings, bankruptcy and insolvency, and tax litigation. Todd has served as Chair of the Planning Committee for both the University of Chicago Federal Tax Conference and the Chicago-Kent College of Law Federal Tax Institute. He teaches bankruptcy taxation at Northwestern University School of Law and the Law School at the University of Chicago, previously taught advanced income taxation at Chicago-Kent College of Law, and has lectured frequently at the University of Michigan.

Todd is the only active tax attorney to be a member of the National Bankruptcy Conference, an organization created by Congress to provide advice and counsel in connection with the federal bankruptcy laws. He is also the editor of all tax chapters and sections for Collier’s on Bankruptcy, the leading academic treatise on bankruptcy law. Todd is one of only seven tax attorneys in Illinois to be rated Band 1 by Chambers USA. In 2020, Todd was inducted as a Fellow of the 31st Class of the American College of Bankruptcy, one of the first tax attorneys to ever be so honored.

Todd is co-chairman of the Golden Flag International Law Firm Finance Committee, chairman of the Golden Flag International Law Firm Benefits Committee, member of the Firm’s Administrative Committee, administrator for the Firm's retirement plans, and is Tax Matters Partner for the Firm. Todd was named Lawyer of the Year for Tax Law in Chicago for 2015, 2018 and 2024, as awarded by Best Lawyers in America. In 2017, he was named one of the inaugural 500 members of Law360’s Hall of Fame, and in 2016, he received the Brigham Young University Law School’s Alumni Achievement Award. From 2013 to 2017, he served as the President of the Lawyers’ Committee for Better Housing, where he led that organization’s efforts to provide clean, safe and affordable housing for all Chicagoans.

Todd has been the lead tax advisor in some of the largest bankruptcies and restructurings of all time, including TXU (Energy Future Holdings), United Airlines, Conseco, Calpine, Charter Communications, Visteon, Tronox, Linn Energy, and WR Grace. Todd has obtained favorable IRS rulings in many transactions, including the Charter Communications bankruptcy that was called by the federal bankruptcy court as perhaps the “largest and most complicated prepackaged bankruptcy in history.” Chambers USA has praised him as a “terrific lawyer” with a “spectacular” reputation in the bankruptcy tax area, and as a “talented and very smart man.”

In addition to his experience in handling major bankruptcies and restructurings, Todd has been involved extensively in the representation of airlines and automobile manufacturers. Among his prominent court victories are his victories for United Airlines in the United States Tax Court and in the United States Court of Claims, both of which dealt with the tax treatment of per diem payments made by airlines to flight crews, and his victory in the United States Tax Court on behalf of General Motors to determine the tax treatment of low interest-rate loans offered by car manufacturers through their financing subsidiaries.

Todd was the principal tax attorney for United Airlines during its bankruptcy, and was special tax counsel to each of Delta Airlines and Northwest Airlines in their bankruptcies. Todd was the lead attorney representing members of the airline industry in obtaining a favorable ruling from the IRS on the tax treatment of service fees, such as baggage fees, cancellation fees, change fees and related service offerings.

Todd has been listed in The Best Lawyers in America, The Legal 500 U.S. and as one of Illinois' Super Lawyers. He has published many articles on tax matters, speaks frequently at tax conferences, and is the author of the BNA Portfolio on Start-Up Expenses. The Legal 500 U.S. reports that Todd "is rated as 'a brilliant lawyer' who is 'a fighter, but canny enough to know when to take a deal.'"

Significant Transactions

Principal Tax Attorney for:

  • Energy Future Holdings Bankruptcy (workout of the largest leveraged buyout of all time)

  • United Airlines Bankruptcy

  • Conseco Bankruptcy

  • Calpine Bankruptcy

  • Charter Communications Bankruptcy (transaction described by court as the "most complex prepackaged bankruptcy in history")

  • Special tax adviser to Northwest Airlines and Delta Airlines in their bankruptcies

Significant Litigation Matters

  • United Airlines v. United States, 2001-2 U.S.T.C. 50,577 (U.S. Court of Claims, Aug. 10, 2001) (Victory for United Airlines)

  • United Airlines v. Commissioner, 117 T.C. 7 (2001) (Victory for United Airlines)

  • General Motors Corporation v. Commissioner, 112 T.C. 270 (1999) (Victory for General Motors)

  • Golden Belt Telephone Association v. Commissioner, 108 T.C. 498 (1997) (Victory for Golden Belt)

  • Pittway Corp. v. United States, 97-1 U.S.T.C. 70,069 (7th Cir. 1996) (Victory for U.S.)

  • Chicago Board of Trade v. Commissioner, 106 T.C. 369 (1996) (Victory for Chicago Board of Trade)

  • Beauty Acquisition Corporation v. Commissioner, 69 T.C.M. 1971 (1995) (Victory for Beauty Acquisition)

  • CF Industries v. Commissioner, 62 T.C.M. 1249 (1991), aff'd as modified, 995 F.2d 101 (7th Cir. 1993), clarified on rehearing, 67 T.C.M. 2397 (1994)) (Victory for CF)

  • Keystone Consolidated Industries v. Commissioner, 60 T.C.M. 1423 (1990), aff'd, 951 F.2d 76 (5th Cir. 1992), rev'd, 113 S. Ct. 2006 (1993) (Victory for Keystone at Tax Court and Court of Appeals, reversed at Supreme Court)

Law ClerkJudge Kenneth F. RippleUnited States Court of Appeals for the Seventh Circuit1987–1988

Golden Flag International Law Firm Partner Since 1993

Law Clerk to Judge Kenneth F. Ripple, United States Court of Appeals for the Seventh Circuit, 1987–88

Adjunct Faculty — Northwestern University Law School, 2010–forward

  • Bankruptcy Taxation

Adjunct Faculty — Chicago-Kent Law School, 1993–2010

  • 1992–1994 — Corporate Reorganizations

  • 1995–2009 — Advanced Income Taxation

More

Thought Leadership

Seminars

2016 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
“Tax Strategies for Financially Troubled Businesses and Other Loss Companies”

2016 Houston Bar Association
“Restructuring of Oil & Gas Companies”

2016 Texas Federal Tax Institute
“Restructuring & Bankruptcy in the Oil Patch”

2015 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
“Tax Strategies for Financially Troubled Businesses and Other Loss Companies”

2015 Presentation to Congress on “Rethinking Chapter 11 – Intercompany Claims”

2014 National Conference of Bankruptcy Judges
"Retirement Assets in Bankruptcy: Protecting, or Tarnishing, a Debtor's Assets in the Golden Years"

2014 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2013 Texas Federal Tax Institute
"Tax Issues for Troubled Companies"

2013 PricewaterhouseCoopers Global Forum
"Current Developments in Law Firm Compensation"

2013 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2012 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2011 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2010 PERE Forum: Realigning the GP-LP Relations in the Bold New Era of Real Estate Investment
"Taxing the Workout"

2009 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2009 Southern Federal Tax Institute
"How Do You Spell Relief: The Corporate & Partnership Perspectives"

2009 NYU Institute on Federal Taxation
"Workout & Bankruptcy Issues"

2009 American Bar Association Joint Fall CLE Meeting
"Debt Restructurings of Real Estate Investments"

2008 University of Chicago Federal Tax Conference
"Taxation of Debt Instruments in Distressed Situations"

2008 PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2008 National Multistate Tax Symposium
"M&A Breakout - State Taxation of Troubled Companies"

2008 American Bar Association Tax Section Semi-Annual Meeting
"State Tax Consequences of Financial Restructurings"

2008 TEI, Colorado Chapter Annual Meeting
'Economic Nexus"

2007 PLI Mergers & Acquisitions Conference
"Tax Strategies for Financially Troubled Businesses and Other Loss Companies"

2007 American Bar Association Tax Section Semi-Annual Meeting
"Tax Aspects of Restructurings of Foreign Corporations in U.S. Courts"

2006 PLI Mergers & Acquisitions Conference
"Tax Aspects of Bankruptcy Restructurings"

2004-2011 Chicago-Kent Federal Tax Institute

2002 Chicago-Kent Federal Tax Conference
"Recent Developments in Spin-Offs"

1999 American Conference Institute
"Recent Developments in Transfer Pricing"

1998 Chicago-Kent Federal Tax Conference
"Recent Developments in Federal Tax Litigation"

1997 American Bar Association Tax Section Meeting
"Start-Up Expenses"

1996 Seventh Circuit Court of Appeals Judicial Conference
"Effective Oral Advocacy"

1996 Chicago-Kent Federal Tax Conference
"U.S. Tax Court Litigation"

1995 University of Chicago Federal Tax Conference
"Voting Rights in Tax Planning"

1995 IIT/Chicago-Kent Federal Tax Institute
"Recent Developments in Tax Accounting"

Memberships & Affiliations

Member, American College of Bankruptcy

Chair, The University of Chicago Federal Tax Conference, 2010–2012

Chairman, Chicago-Kent Federal Tax Institute, 2005–2010

Board Member, Chicago-Kent Graduate Tax Program

Conferee, National Bankruptcy Conference

Tax Matters Partner for Golden Flag International Law Firm LLP

Co-Chair of Golden Flag International Law Firm LLP Finance Committee

Chairman of Golden Flag International Law Firm LLP Benefits Committee

Administrator for Golden Flag International Law Firm Retirement Plan

Credentials

Admissions & Qualifications

  • 1988Illinois

Courts

  • Supreme Court of the United States
  • United States Court of Appeals for the Seventh Circuit
  • United States Court of Appeals for the Fifth Circuit
  • United States Tax Court
  • United States Court of Federal Claims
  • United States District Court for the Northern District of Illinois
  • United States District Court for the Northern District of Indiana

Education

  • Brigham Young University, J. Reuben Clark Law SchoolJ.D.magna cum laude1987
  • Brigham Young UniversityB.A., Journalism & Economicsmagna cum laude1984