Timothy P. Benoit - Perkins Thompson

Timothy P. Benoit

Listed in Best Lawyers since 2007

Tim Benoit provides legal services to assist individuals and entities create and maintain successful for-profit and not-for-profit business enterprises. He has been involved in major merger and acquisition transactions as counsel to either the acquiring or the acquired entity. In addition, Mr. Benoit provides estate planning to individuals and integrates his business practice with his estate planning practice to assist clients develop an orderly succession plan for their businesses. Projects in which Mr. Benoit has been involved include: reverse and forward triangular mergers under Section 368 of the tax code; spin-offs and split-ups under Section 355; venture capital financing and recapitalizations of corporations and limited liability companies; formation of ESOPs; forward and reverse 1031 Like Kind Exchanges; and negotiation of shareholder agreements and LLC operating agreements. Mr. Benoit has successfully negotiated reductions in tax liability with the Internal Revenue Service and Maine Revenue Services. He has also been involved in tax litigation in the U.S. Tax Court and Maine Superior Court. Mr. Benoit has also represented clients in a number of the IRS’s offshore voluntary disclosure programs.

University of VermontBA 1982University of Maine Law SchoolJ.D. 1985Boston University School of LawLL.M 1987

Case History

Tax Free Corporate Reorganizations — Lead attorney for sellers in Forward Triangular and Reverse Triangular mergers under Section 368 of the Internal Revenue Code.  Also involved complicated Section 351 issues and issues arising from Canadian purchasers.
Liquidating Trustee — Served as liquidating trustee for large non-profit insurance company that used Maine insurance statute to convert and merge with for-profit insurance company.  The primary assets of the liquidating trust were significant income tax refunds.  Participated in test cases and litigation settlement with IRS  Served as liquidating trustee for eight years.  Substantial interactions with Maine Bureau of Insurance and Maine Attorney General''s office.
Business Succession Planning — Succession planning for middle market corporations, both family owned and unrelated owners.  Involved complicated federal and state income, excise, estate and gift tax issues.  Also involved complicated valuation and choice of entity issues.  Also involved complicated relationship dynamics. 
Succession Planning for Real Estate — Used LLC to plan for valuable family owned real estate.  Involves complicated tax issues, particularly estate and gift tax issues.  Also involves mitigating stresses on the family arising from the cost of maintenance, the different levels of use by family members, and the desire of some family members to be bought out.

Office Location

One Canal Plaza, Ninth Floor
P.O. Box 426
Portland, ME 04112-0426
United States

Practice Areas

Tax Law (Corporate, Partnership, Trusts and Estates)

Other Information

Gender: Male