Elizabeth M. Norman
Elizabeth M. Norman is a partner in Nutter’s Tax Department. She advises private investment funds and public and private companies on a broad range of tax issues involved in mergers, acquisitions and restructurings. Clients frequently turn to Elizabeth for counsel on real estate taxation issues, including the tax-efficient structuring of real property investments, and she represents lenders and borrowers in a variety of financing transactions.
Clients rely on Elizabeth’s extensive experience in domestic and international corporate restructurings and U.S. and cross-border tax issues, including:
- the structuring and U.S. federal tax treatment of outbound investments;
- subpart F income;
- foreign tax credits;
- FATCA compliance, classification and interpretation;
- and the negotiation of joint venture agreements to facilitate domestic and international investments.
Specializing in strategic guidance for tax-exempt and non-U.S. investors, she represents private equity funds and investors in fund formations and secondary sales of fund interests.
Elizabeth is an active member of the Boston Bar Association. She serves as director and vice president of governance for the Massachusetts National Organization for Women and previously served as a director of the Boys & Girls Club of Middlesex County.
Speaking Engagements and Publications:
- Tax Strategies for Limited Partner Investors in Private Investment Funds, Strafford Publications webinar; April 13, 2016
- IRC Section 355 Corporate Spin-Off Transactions: Optimizing Tax Treatment in Divestures, Strafford Publications webinar; March 30, 2016
- Advanced Tax Strategies in Structuring Private Investment Funds, Strafford Publications webinar; May 1, 2014
- “When Reality Collides with Legality: Profits Interests in Practice,” Tax Notes, co-author, April 17, 2017
- “Trends in M&A Provisions: After-Tax Indemnity Limitations,” Bloomberg BNA Mergers & Acquisitions Law Report, co-author, February 2015
- "Structuring Asian Investments Into US Real Estate," AFIRE News, co-author, August 2014
- "A Primer on Using Private Domestically Controlled REITs for International Investors in U.S. Real Estate," Bloomberg BNA Tax Management Real Estate Journal, co-author, November 6, 2013
Prior to joining Nutter, Elizabeth was a senior tax associate at an international law firm in Boston. During law school, she served on the editorial board of the Michigan Law Review and was a Clarence Darrow Scholar.
- Deep River Snacks
Nutter advised Deep River Snacks, makers of premium better-for-you snacks based in Connecticut, in its sale to Arca Continental, the second-largest Coca-Cola bottler in Latin America and parent company of Wise Snacks, Bokados, and Inalecsa. Nutter had been long time general counsel to Deep River Snacks, and had advised the company in its ongoing commercial dealings, intellectual property matters, and its venture capital transactions.
- Atlas Devices
Nutter advised Atlas Devices, LLC, a leading developer, manufacturer, and supplier of rapid access solutions, in its recapitalization by Anvil Capital.
- First Commons Bank, N.A.
Nutter advised First Commons Bank, N.A. in its proposed merger with Brookline Bank, a wholly-owned subsidiary of Brookline Bancorp, Inc. (NASDAQ: BRKL). The total value of the transaction is approximately $55.958 million.
Nutter represented OSRAM, one of the world’s leading lighting manufacturers with headquarters in Munich, Germany, in its acquisition of Digital Lumens Inc., a Boston-based company that specializes in industrial Internet of Things (IoT) solutions.
- Commerce Bancshares Corp.
Nutter is representing Commerce Bancshares Corp. and its subsidiary, Commerce Bank & Trust Company, in its pending merger with Berkshire Hills Bancorp. Inc. (NYSE: BHLB), in an all-stock transaction valued at $209 million.
- Wincove Private Holdings LP
Nutter advised Wincove Private Holdings, LP, an investment holding company with offices in Boston and New York, when it led a recapitalization of Aloi Solutions, LLC.
- LINTEC USA Holding, Inc.
Nutter advised LINTEC USA Holding, Inc., a wholly owned U.S. subsidiary of Japan-based LINTEC Corporation (TYO: 7966), in its acquisition of VDI, LLC, a functional film manufacturer headquartered in Kentucky.
- Long Term Solutions, Inc.
Advised Long Term Solutions, Inc. (LTS), a provider of in-home nursing assessments for the long-term care insurance industry, in its sale to Almost Family, Inc. (NASDAQ: AFAM). Based in Natick, Mass., LTS provides a suite of planning and support services to insurance companies, employers and direct to individuals and families throughout the United States.
- Northeast Retirement Services, Inc.,
Advised Northeast Retirement Services, Inc., a leading provider of plan accounting, transfer agency, fund administration, trust and retirement plan services, in its pending acquisition by Community Bank System, Inc. (NYSE: CBU), a transaction valued at approximately $140 million.
- McCarthy Capital
Nutter represented McCarthy Capital, a private equity investment firm, when it led a recapitalization and growth equity investment in Seven10 Storage Software, LLC to further accelerate growth.
- CIRCOR International, Inc.
Nutter represented CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, when CIRCOR announced that it has signed a definitive agreement to acquire Critical Flow Solutions (CFS) for $210 million.
News & Insights
- Writing for ULI Boston/New England’s Sitelines, Elizabeth Norman Analyzes Tax Reform Proposals Under Trump02.16.2017
- Elizabeth Norman and Andrew Golden to Address Tax Reform at the Boston Philanthropic Advisors Roundtable03.12.2018
- Melissa Sampson McMorrow and Elizabeth Norman to Present at Wells Financial Partners' 2018 Tax Reform Seminar02.28.2018
- Elizabeth Norman and Crescent Moran Chasteen Present ‘Profits Interests in Practice and Other Equity Alternatives for Partnerships’ at the BBA09.22.2017
- Elizabeth Norman Presents ‘Tax Reform Under the Trump Administration: What Practitioners Should Expect’ at the BBA05.23.2017
- Elizabeth Norman Presents ‘New IRS Partnership Audit Regulations: What Every Tax Adviser Needs to Know’05.11.2016
- Elizabeth Norman Presents ‘Tax Strategies for Limited Partner Investors in Private Investment Funds’04.13.2016
- Elizabeth Norman Presents ‘IRC Section 355 Corporate Spin-Off Transactions: Optimizing Tax Treatment in Divestitures’03.30.2016
- 04.10.2018 | Legal Advisory
- 12.21.2017 | Legal Advisory
- 11.03.2017 | Legal Advisory
- 04.17.2017 | Article
- 11.18.2016 | Legal Advisory
- Amid the Economic Uncertainties of the Brexit, New Challenges in Corporate Tax Structuring for UK Companies (And Their Parents, Subsidiaries, Trading Partners, Among Others)06.24.2016 | Legal Advisory
- 12.18.2015 | Legal Advisory
- Generation to Generation, 12.22.2017
- Executive Comp Exchange, 04.20.2017
- Executive Comp Exchange, 06.23.2016
Education & Admissions
University of Michigan Law School, J.D., magna cum laude, Order of the Coif
Swarthmore College, B.A.
Elizabeth recently authored “When Reality Collides With Legality: Profits Interests in Practice”in Tax Notes, which reviewed the legal requirements, common practices, and resulting tax consequences of, or relating to, profits interests.
Elizabeth serves as director and vice president of governance for the Massachusetts National Organization for Women and previously served as a director of the Boys & Girls Club of Middlesex County.