Labry Welty

Labry Welty

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Labry Welty focuses his practice on real estate, oil and gas, and corporate joint ventures and transactions. He regularly structures and negotiates complex joint ventures throughout the United States and has experience advising clients on partnership taxation and the tax implications of real estate transactions and corporate mergers and acquisitions. Labry also possesses wide-ranging experience and knowledge of Texas taxation and multistate and local tax issues. He has advised clients with regard to income, franchise, margin, gross receipts, sales and use, and ad valorem taxes, as well as tax and business incentives throughout the country.

Concentrations

  • Partnership and limited liability company (LLC) formations, transactions, and liquidations
  • Negotiation of partnership and LLC agreements
  • Real estate tax planning, including debt workouts
  • Tax-efficient structures for joint ventures
  • Corporate organizations, reorganizations, and mergers and acquisitions
  • U.S. income taxation of inbound investments
  • Texas margin and sales and use tax
  • Multistate and local taxation
  • State audit and tax controversy representation
  • Voluntary disclosure agreements (VDA)
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Capabilities

Experience

  • Advised partnerships and limited liability companies on the issuance of “net profits interests” and other equity compensation to service providers.
  • Advised client on UBTI issues related to formation of natural resource mining joint venture with a not for profit private foundation.
  • Advised oil and gas E&P client regarding tax implications of recapitalization.
  • Advised ultra-high-net-worth nonresident aliens on U.S. inbound real estate investments.
  • Restructured nonresident alien real estate holdings to mitigate potential FIRPTA tax.
  • Advised non-U.S. investors regarding portfolio interest exemption.
  • Advised family office clients regarding structuring of real estate investments and passive activity losses.
  • Obtained letter rulings from the Texas comptroller pursuant to Rule 3.1.°
  • Negotiated income and sales and use tax Voluntary Disclosure Agreements in more than 30 states for manufacturing client.°

°The above representations were handled by Mr. Welty prior to his joining Greenberg Traurig, LLP.

Recognition & Leadership

  • Listed, The Best Lawyers in America, Tax Law, 2018-2019
  • Listed, D Magazine, "Best Lawyers in Dallas – Tax Law," 2012, 2015-2018
  • Listed, Super Lawyers magazine, Texas Super Lawyers, 2018
  • Rated, AV Preeminent® 5.0 out of 5

°AV®, AV Preeminent®, Martindale-Hubbell DistinguishedSM and Martindale-Hubbell NotableSM are certification marks used under license in accordance with the Martindale-Hubbell® certification procedures, standards and policies.

  • Member, American Bar Association
    • Tax Section
    • Partnership and LLC Committee
    • Real Estate Tax Committee
  • Member, Dallas Bar Association
    • Tax Section
    • Tax Section Council
  • Member, State Bar of Texas
    • Tax Section
  • Member, Texas Federal Tax Institute Board of Directors
    • Treasurer
  • Member, Council on State Taxation

Credentials

Education
  • J.D., Southern Methodist University Dedman School of Law, 1991
  • B.B.A., West Texas A&M University, 1988
Admissions
  • Texas
  • U.S. Tax Court