Office

120 South Riverside Plaza
Suite 1200
Chicago, IL 60606
P 312.876.7883
F 312.876.6249
Email

Practice

Tax »

White Collar Criminal »

Adam S. Fayne
Associate

Mr. Fayne is an associate in the firm’s tax and estate planning groups, white collar criminal practice, and business services practice. His practice focuses in the areas of tax controversy, estate planning, white collar criminal, and business services.

Mr. Fayne is a former Special Assistant United States Attorney with the Department of Treasury Internal Revenue Service (IRS). Upon graduating law school, he was accepted into the honors program with the IRS. While at the IRS, Mr. Fayne gained extensive knowledge in all areas of tax law and bankruptcy matters.

As a tax attorney, Mr. Fayne frequently represents businesses and individuals before the Internal Revenue Service. In his capacity as a corporate attorney, Mr. Fayne is experienced in finance and secured lending, distribution and licensing, and corporate restructuring matters. Lastly, Mr. Fayne represents businesses and individuals in white collar criminal matters.

Prior to joining Arnstein & Lehr, Mr. Fayne was a member of the creditors’ rights and restructuring group in the Chicago office for a large national law firm.

Professional Activities and Achievements

Mr. Fayne is an active member of the Chicago Bar Association and the American Bar Association. He is also a former Special Assistant United States Attorney.

Notable Cases

Mr. Fayne successfully litigated a $61 million IRS adjustment which led to a full concession by the Internal Revenue Service. The dispute centered around the client's residency status during certain tax years, where the client claimed residency in the Commonwealth of Northern Mariana Islands (CNMI), but the Internal Revenue Service failed to recognize the legitimacy of that residency. Mr. Fayne litigated the client's position through the United States Tax Court and under provisions for United States Competent Authority. After litigating, and working in conjunction with the CNMI government, the client's ultimate result was that no taxes were due to the United States, and the Internal Revenue Service conceded its tax court case in full, which led to a $61 million reduction that was originally alleged to be due from the client.

Recent Publications

"Taxation of Lawsuit Recoveries" CCH Journal of Tax Practice and Procedure (April-May 2008)

"Are you a real estate professional? Does the IRS Agree?" (March 2007).

Education

Chicago-Kent College of Law (J.D. with honors, 2003)
University of Arizona (B.A., 1999)

Bar Admissions

State of Illinois; State of Florida ; U.S. District Court, Northern District of Illinois; U.S. Tax Court