Daniel Cullen

Practice Areas

Daniel Cullen has over 25 years of experience in tax planning for structured real estate transactions, fund formation, and securities law matters. Recognized as a leading professional in the taxation of real estate funds, REITs, and related structures, Mr. Cullen has been acknowledged by Chambers USA for his contributions as REIT counsel. He serves as an adjunct professor at Northwestern University School of Law, teaching Taxation of Structured Real Estate Transactions. Additionally, Mr. Cullen has been a REIT columnist for the Journal of Passthrough Entities and has received industry recognition for his work on Section 1031 like-kind exchange matters. He is co-chair of the Firm's Private Capital tax practice and a member of the Firm's North America Tax Practice Group Management Committee.

Mr. Cullen has experience in all aspects of structuring inbound and outbound real estate projects, including: REIT transactions (UPREIT, Down-REIT, internalization and REIT-DST private offerings), real estate investment funds, leveraged partnerships, joint ventures, QOZ funds and Section 1031 structures such as tenancy-in-common arrangements and Delaware Statutory Trust (DST) offerings. In addition, he handles tax matters related to lease financings of real estate, cell towers and other equipment, synthetic lease structures and the related tax aspects of derivatives and financial products.

Professional Memberships

Real Estate Roundtable, President's Council

Alternative & Direct Investment Securities Association (ADISA) - Past Vice-Chair, Legislative & Regulatory Committee

American Bar Association - Member, Section on Taxation and Real Estate

Chicago Bar Association - Past Chairman, Federal Tax Committee Partnerships and Pass-through Entities Division

National Association of Real Estate Investment Trusts (NAREIT) - Member

Institute for Portfolio Alternatives (IPA) - Board of Directors, and Co-Chair of Policy, Regulatory and Legal Affairs Committee

Publications

Co-author, Taxation of Securities Transactions, Mathew Bender (legal treatise covering a comprehensive explanation of income taxation of securities, including REITs)

Co-author, "The 'State of the Art' in Like-kind Exchanges - 2023," Journal of Taxation, January 2024

Co-author, "Externally Advised REITs Take Notice: IRS Ruling Sanctions Overlap Between Eligible Independent Contractors and Hospitality REIT Managers," Real Estate Taxation (publication pending, 2020)

Co-author, "ROFO Payment is Held as REIT Qualifying Income," Journal of Passthrough Entities, January-February 2019

Co-author, "UPREITs: Vertical Slice Guaranty Agreements," Journal of Passthrough Entities, September-October 2017

Co-author, "The ABCs of DSTs Revisited – Rev. Rul. 2004-86 at Ten Years," Real Estate Taxation, 2nd Quarter 2015

Languages Spoken

English

Education