James  R.  Eustis, Jr.


Office:   New York
Phone:   212-820-9450
Fax:   212-820-9666

Williams College, B.A.
Vanderbilt University, J.D.
New York University, LL.M., Taxation 

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Mr. Eustis specializes in different aspects of Federal income taxation with greatest emphasis on financial transactions and products. He was in charge of formulating the tax approach that underlay the issuance of more than $11 billion of bonds by the California Department of Water Resources as part of an effort to normalize the energy markets in the State of California and was primarily responsible for addressing bond-related tax issues in connection with the issuance by Long Island Power Authority of nearly $7 billion of bonds relating to LIPA’s effective acquisition of electric output facilities from Long Island Lighting Company, including participation in all relevant developmental and planning stages and the filing of a ruling request and multiple supplemental submissions that led to the issuance of favorable IRS tax rulings.

Mr. Eustis was also responsible for tax advice pertaining to the restructuring by the New York Power Authority, and the eventual defeasance of the NYPA resolution under which had been issued, more than $2 billion of senior bonds. Mr. Eustis has secured favorable, precedent-setting rulings that involved NYPA, Consolidated Edison Company of New York, Inc., New York State Energy Research and Development Authority, Duquesne Light Company and Orange and Rockland Utilities, Inc. In addition, he advised NYPA on certain bond-related and corporate-related tax issues arising in conjunction with NYPA’s sale of Indian Point Nuclear Generating Unit No. 3 and James A. FitzPatrick Nuclear Power Plant. Mr. Eustis has been an active participant in the firm’s tax practice concerning the securitization of tobacco settlement revenues through the issuance of bonds by, among others, the Tobacco Settlement Financing Corporation of the State of New Jersey and the Erie Tobacco Asset Settlement Corporation. Mr. Eustis has played a prominent role with respect to innovative financings by the Trust for Cultural Resources of The City of New York for The Museum of Modern Art and Carnegie Hall and was directly involved in the firm’s representation of Lincoln Center for the Performing Arts, Inc. in connection with the issuance of $150 million of bonds by the Trust. He has represented issuers and underwriters in connection with the issuance of Section 501(c)(3) refunding and new money bonds for The New York and Presbyterian Hospital, Hospital for Special Surgery, Beth Israel Medical Center, and Montefiore Medical Center and has served as special tax counsel for The Mount Sinai Hospital (and through it, Mount Sinai NYU Health) in connection with the issuance of nearly $700 million of bonds by the Dormitory Authority of the State of New York

Mr. Eustis has participated in the development of secondary municipal securitization programs, programs involving more than $1 billion of stripped municipal securities, and the offering of whole and stripped mortgage loans, discounted and current-pay obligations (or participation interests therein) of corporations controlled by Brazil, Hungary and Guatemala through grantor trusts or regulated investment companies.

Mr. Eustis is the author of a chapter included in The Handbook of Municipal Bonds (S. Heide, R. Klein & J. Lederman ed. 1994) and is a frequent contributor to reports relating to tax-exempt finance submitted by the American and New York State Bar Associations. He has also been a speaker or panelist at seminars and workshops sponsored by the American Public Power Association, American Bar Association, the Practicing Law Institute, the Georgetown University Law Center and the National Association of Bond Lawyers with respect to a wide range of topics involving tax-exempt obligations.

Before engaging in private practice, Mr. Eustis was a Peace Corps Volunteer in Venezuela.


The New York State Bar Association. 

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