- Bond Counsel
- Debt Instruments
- Governmental Institutions and Agencies
- Health Care Finance
- Municipal Tax Controversy
- Not-for-Profit and 501(c)(3) Organizations
- Not-for-Profit Health Care Finance
- Public Finance
- Public/Municipal Finance
- Special Tax Counsel
- State/Local Tax Issues
- Tax Increment Bond Financings
- Tax Lobbying
University of Chicago Law School, J.D., 1983
University of Chicago, S.M., Mathematics, 1977
Harvard University, A.B., magna cum laude, 1976
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 501(c)(3) organizations, governmental issuers, underwriters, and counsel in virtually all matters relating to tax exempt bonds. His governmental clients include large and small municipalities. He provides advice with respect to 501(c)(3) financings, 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 political subdivisions, 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.
ABA Technical Comments on the History of Tax-Exemption of Interest on State and Local Bonds, May 10, 2017.
ABA Comments on the Definition of Political Subdivisions for Tax-Exempt Bonds and Other Tax Advantaged Bonds, May 5, 2017.
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
- History of Tax-Exempt, ABA Tax Section panel, 2017 and 2014
- Remedial Actions, NABL TSLI 2015
- SLGS Forum 2013, August 2013
Honors & Awards
Commissioner’s Award for Service on the Advisory Committee on Tax-Exempt and Government Entities