University of Chicago Law School, J.D., 1983

University of Chicago, S.M., Mathematics, 1977

Harvard University, A.B., magna cum laude, 1976


Illinois, 1983


American College of Bond Counsel (ACBC), Fellow

National Association of Bond Lawyers

American Bar Association

David Cholst is a partner in the Tax Department and has been with Chapman and Cutler LLP since 1983.

David provides tax advice relating to tax-exempt bonds. He represents governmental issuers, underwriters, and outside bond counsel in all matters relating to tax exempt bonds. His governmental clients include large and small municipalities. He provides advice concerning tax increment financings, advance refundings, structured investments, derivative products, output facilities, voluntary closing agreements, and defense of IRS audits of tax-exempt bonds. He is recognized as one of the nation’s leading authorities in matters relating to arbitrage. David was a member of the Advisory Committee on Tax-Exempt and Government Entities (ACT) from 2009 through 2012, providing feedback to the Internal Revenue Service, and was also a past member of the Steering Committee for the Bond Attorneys Workshop and member of the faculty of the National Association of Bond Lawyers (NABL) Tax and Securities Law Institute in most years 1989 – 2015. He participated in and led a variety of comment projects of the American Bar Association (ABA) and NABL, including on matters relating to working capital financings, SLGS, derivate products, opinions, and Circular 230.

David has extensive computer experience and designed much of the software used by Chapman and Cutler for computations relating to municipal bonds.


2010, 2011, and 2012 Reports of the Advisory Committee on Tax-Exempt and Government Entities on:

  • Revisions to the Voluntary Closing Agreement procedures
  • Role of the Issuer in Conduit Financings
  • Information Reporting


  • Remedial Actions, NABL TSLI 2015
  • History of Tax-Exempt, ABA Tax Section panel 2014
  • SLGS Forum 2013, August 2013

Honors & Awards

Commissioner’s Award for Service on the Advisory Committee on Tax-Exempt and Government Entities