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 and their alternatives, structured investments, derivative products, output facilities, pre-payment transactions, voluntary closing agreements, and defense of IRS audits of tax-exempt bonds. 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 since 1989. 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 is the co-author of an industry-leading treatise, published by Bloomberg, on tax-exempt bonds entitled “Tax Management Portfolio No. 183: Tax-Advantaged Bonds.”

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


American College of Bond Counsel (ACBC)

  • Fellow

National Association of Bond Lawyers

American Bar Association

Honors & Awards

  • Bloomberg Tax and Accounting's 2020 Federal Tax Portfolio Author of the Year
  • Commissioner’s Award for Service on the Advisory Committee on Tax-Exempt and Government Entities


Illinois, 1983


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

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

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



  • Bloomberg Tax & Accounting’s Tax Management Portfolio No. 183: Tax-Advantaged Bonds, December 2019
  • 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


  • Information Reporting for Tax-Exempt Bonds, NABL's U Now Webinar, 2021
  • Arbitrage and Rebate, NABL's The Workshop, 2020
  • History of Tax-Exempt, ABA Tax Section panel, 2017 and 2014
  • Remedial Actions, NABL TSLI 2015
  • SLGS Forum 2013, August 2013

We have always been focused on finance.

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    Chapman's first client in 1913 is still a client of the firm today
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