Timothy P. "Tim" Benoit

Timothy P. "Tim" Benoit


Perkins Thompson

Recognized since 2007

Portland, Maine

Practice Areas

Tax Law

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Tim Benoit provides legal services to assist individuals and entities create and maintain successful for-profit and not-for-profit 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: tax-free reorganizations; recapitalizations of corporations and limited liability companies; formation of ESOPs; forward and reverse 1031 Like Kind Exchanges; negotiation of shareholder agreements and LLC operating agreements. Mr. Benoit also has substantial experience forming and advising various types of tax-exempt organizations. He has been designated as an expert witness for tax cases in Maine Superior Court and U.S. District Court in Maine, including one involving a large tax-exempt private operating foundation.

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.

Mr. Benoit is a shareholder of Perkins Thompson and formerly a member of the firm’s Executive Committee. He has been selected by his peers to be included in The Best Lawyers in America© 2007-2020 in the field of Tax Law. Mr. Benoit is AV Peer Review Rated for Ethical Standards and Legal Ability, the highest rating available, in Martindale–Hubbell. Prior to coming to Perkins Thompson, Mr. Benoit was a Tax Senior at KPMG.

Location

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

Education

  • Boston University School of Law , J.D., graduated 1987
  • University of Vermont, B.A., graduated 1982

Bar Admissions

  • Maine, Maine State Bar Association

Perkins Thompson
Headquarters: Portland, Maine

9 The Best Lawyers in America® awards

1 Best Lawyers: Ones to Watch in America awards

Full Firm Profile

Recognized in The Best Lawyers in America® 2022 for work in:

  • Tax Law

Special Focus

  • Corporate
  • Partnership
  • Trusts and Estates

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.

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