Scott P. Borsack
Scott P. Borsack
Scott Borsack has more than 25 years of experience focusing on transactional tax planning, income tax planning, estate planning and tax controversy defense. Working as part of a team representing clients, Scott is routinely called upon to structure a variety of transactions to minimize the burden of federal and state taxes. Scott has worked with clients and their advisors to bring tax efficiency to mergers, acquisitions, dispositions, fund formations, workouts and debt restructuring, inbound and outbound investments, compensation planning and the use of tax pass-through entities such as partnerships and S corporations. Developing a tax strategy before transactions get off the ground allows for efficient implementation and maximization of client goals.
Scott also counsels clients on the means of passing wealth from one generation to another while limiting federal and state taxes, using sophisticated techniques involving pass-through entities and trusts. With an eye toward wealth succession, Scott is able to introduce estate tax saving concepts to entrepreneurs while developing plans for a liquidity event, as well. Inevitably, estate planning also requires participation in estate administration matters, and Scott is equally adept in this arena.
Additionally, Scott represents clients before federal and state taxing authorities. He has represented clients involved in all phases of civil and criminal tax investigations before administrative agencies as well as federal and state courts. As the Internal Revenue Service, in particular, has gotten more aggressive in its enforcement activities, the ability to defend positions before governmental authorities can be a significant benefit to clients.
Scott has developed a specialized practice, working with owners of real estate in the Marcellus Shale formation who have leased their property for natural gas exploration. Working with geologists, market analysts and real estate appraisers, Scott is able to craft plans for clients which allow for the passage of future wealth to family members without the significant bite of estate, gift and inheritance taxes.
Before entering private practice, Scott began his career as a trial attorney for the United States Department of Treasury, representing the Commissioner of Internal Revenue before federal courts. Scott recently returned to the firm after spending six years in Philadelphia directing the Tax and Estates Practice for a major Center City law firm. Scott is married and lives with his wife and two children in West Windsor, New Jersey.
Scott is a frequent author and lecturer on topics of tax planning, estate planning and estate administration.
Represented an individual in a gift tax audit, securing a reduction of more than $2 million in proposed gift taxes.
Represented a lender restructuring a loan and taking an equity interest in the borrower that saved more than $25 million in income taxes.
Represented a family wishing to pass a majority interest in the family owned business to the next generation; using sophisticated gift giving techniques more than $10 million in gift taxes were saved.
Represented a family with 500 acres in the Marcellus Shale region; devised a plan that allowed the parents to retain several million dollars of future royalties while passing on the excess to the next generation, saving several million dollars in estate and gift taxes
Represented shareholders in a corporation on the sale of their business; structured the transaction to meet the purchaser’s requirement that there be an asset sale, while getting capital gain treatment for the shareholders saving more than $5 million in income taxes.
Represented the general partner of an investment limited partnership and structured tax provisions in various transaction documents to maximize income tax efficiency while insuring that the the sophisticated distribution requirements of limited partners were properly reflected in transaction documents.
Represented foreign investors to create a structure in the United States to promote the funding of litigation by plaintiffs in need of capital while minimizing US taxation on the proceeds to be received under the funding relationship.
Areas of Practice:
Business Organizations and Transactions
New York (1987)
New Jersey (1987)
Masters of Laws in Taxation (LL.M.), New York University School of Law, New York, NY (1991)
Juris Doctor (JD), Case Western Reserve University School of Law, Cleveland Ohio (1987)
Bachelors of Science in Economics and Political Science, Brooklyn College of the City University of New York (1984)
Professional Associations and Memberships:
Pennsylvania Bar Association
Mercer County New Jersey Bar Association
Events & Articles:
:60-min Webinar with NJBIA: “Doing Business: LLP, Inc or LP?” March 2017
INTERVIEW with NJBIA: “LLCs vs Incs vs Partnerships and Why It Matters What You Choose.” March 2017
Tax Landscape Changes In NJ ~ January 2017, New Jersey Business