David Cholst

Chapman and Cutler LLP

David Cholst is a partner in the Tax Department and has been with Chapman and Cutler LLP since 1983.

David provides tax advice relating to tax-exempt bonds. He represents 501(c)(3) organizations, governmental issuers, underwriters, and counsel in virtually all matters relating to tax exempt bonds. His governmental clients include large and small municipalities. He provides advice with respect to 501(c)(3) financings, tax increment financings, advance refundings and their alternatives, structured investments, derivative products, output facilities, pre-payment transactions, voluntary closing agreements, and defense of IRS audits of tax-exempt bonds. David was a member of the Advisory Committee on Tax-Exempt and Government Entities (ACT) from 2009 through 2012, providing feedback to the Internal Revenue Service, and was also a past member of the Steering Committee for the Bond Attorneys Workshop and member of the faculty of the National Association of Bond Lawyers (NABL) Tax and Securities Law Institute in most years since 1989. He participated in and led a variety of comment projects of the American Bar Association (ABA) and NABL, including on matters relating to political subdivisions, working capital financings, SLGS, derivate products, opinions, and Circular 230.

David is the co-author of an industry-leading treatise, published by Bloomberg, on tax-exempt bonds entitled β€œTax Management Portfolio No. 183: Tax-Advantaged Bonds.”

David has extensive computer experience and designed much of the software used by Chapman and Cutler for computations relating to municipal bonds.


J.D., University of Chicago Law School
S.M., University of Chicago, Mathematics
A.B., Harvard University, magna cum laude

Tax Management Portfolios™

  • Tax-Advantaged Bonds (Portfolio 183)

    This Tax Management Portfolio breaks out key concepts, such as issue price, single-issue treatment, and multi-purpose rules, that have applications to many of the rules related to tax-advantaged bonds.

Join our Tax Regulatory Alerts for breaking news

By clicking submit, I agree to the privacy policy.