| Biography:
Jacob I. Friedman heads Proskauer's Not for Profit/Exempt Organizations Practice Group and is the immediate past Chair of Proskauer's Tax Department. He has been a member of the Tax Department since 1975 and a Proskauer partner since 1983.
Jay has been involved in various facets of federal and state tax and employee
benefits laws. In recent years, his major areas of practice have been the structuring
of alternative investments for pension trusts and other exempt organizations;
the rendering of fiduciary advice to ERISA trustees; and the implementation
of employee benefit programs. Jay advises Proskauer's philanthropic and other
not-for-profit clients on fiduciary and tax exemption issues and their specialized
tax problems, including unrelated business income tax ramifications of diverse
investments, such as venture capital, hedge funds, futures, natural resources,
buyout funds and corporate finance.
Among the clients who regularly seek Jay's advice are the Bell Atlantic Master
Pension Trust; Verizon Investment Management Corporation; Cooper Union; American
Lung Association; AJC; and various major tax-exempt trusts.
Jay was instrumental in negotiating a successful resolution of a divisive conflict
between two large not-for-profit institutions. His legal advice to the City
of New York resulted in multiyear savings of large sums of money. He regularly
is called upon to devise strategy in tax-exempt trust litigation and to handle
complex administrative negotiations with the IRS. Jay has actively structured
and negotiated numerous significant investments in the United States and abroad
for multibillion-dollar tax-exempt entities.
Jay has lectured at seminars sponsored by Proskauer, The New York Law Journal,
New York University, The New York State Bar Association and the International
Association of Financial Planners on areas such as real estate investment, tax
credits, unrelated business taxable income, ERISA, and negotiating strategy
with the IRS. He chairs Proskauer's annual "Trick or Treat Tax-Exempt Seminar,"
held at the end of every October. He is a co-author of the ERISA Fiduciary
Answer Book published by Panel Publications and a contributing author to
Complete Guide to Nonprofit Organizations published by Civic Research
Institute.
Jay is an honors graduate of New York Law School, where he was an Associate
Editor of the Law Review, and holds an LL.M. degree in taxation from
New York University School of Law. He is an Adjunct Professor of Law in New
York Law School's graduate tax program. He is a member of the Bar Association
of the City of New York, the American Bar Association and the New York State
Bar Association, serving on various Tax and Exempt Organization committees.
He is also a member of the board of Metropolitan Jewish Health System and a
Fellow of the American College of Investment Counsel.
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