David Makso represents the tax interests of domestic and international clients in fund formations, cross-border transactions, capital markets transactions, and highly complex leveraged finance transactions. His broad-based experience includes tax structuring of private equity, real estate, and direct lending funds on both the sponsor and investor side, tax counsel on debt and equity offerings, international tax planning, real estate, and corporate and partnership taxation.
Fluent in three languages, Makso also brings extensive experience advising U.S. and foreign-based clients, particularly in Latin America, in the areas of capital markets, M&A, project finance, and general inbound and outbound tax structuring.
Thought Leadership
- Speaker, ANEFAC – CAINTRA US Tax Reform Seminar (February 2018)
- Speaker, “Private Equity Investments in Brazil Through FIPs,” Latin American Law & Business Report, Volume 20, Number 10 (October 2012)
- Speaker, “Tax Treatment of Dividend Equivalent Payments under New Temporary and Proposed IRS Regulations,” Bloomberg Law Reports, Corporate Counsel, Vol. 3 No. 3 (March 5, 2012)
Foley Represents Five Elms Capital in $51M Series C Investment in Spacelift
Foley & Lardner LLP represented Five Elms Capital, a software-focused growth equity firm, in its lead investment in the $51 million Series C funding round of Spacelift, an infrastructure orchestration platform that manages the entire infrastructure lifecycle across multi-cloud and hybrid environments.
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Trump Administration Passes the One Big Beautiful Bill Act
On July 4, 2025, President Trump signed H.R. 1—referred to as the One Big Beautiful Bill Act (OBBBA). The OBBBA extends and makes...
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One Big Beautiful Bill Act – Tax Considerations for Investment Funds
On July 4, 2025, President Donald Trump signed into law extensive tax legislation as part of the One Big Beautiful Bill Act (OBBBA) that...
Foley Advises Five Elms Capital in $1.1B Fund VI to Back High-Growth Software Companies
Foley & Lardner LLP served as legal advisor to Five Elms Capital, a software-focused growth equity firm, in connection with the October 2024 closing of Five Elms VI with $1.1 billion in total commitments.
Tax Court Reaffirms Soroban Holding that “Active” Limited Partners are Subject to Self-Employment Tax
On December 23, 2024, the Tax Court ruled in Denham Capital Management LP v. Commissioner (T.C. Memo. 2024-114), that limited partners that actively participated in the activities of a fund manager formed as a state law limited partnership were subject to self-employment tax on all of their distributive share of income from the partnership.
Foley Serves as Fund Counsel to Iron Path Capital in Close of $273M Fund I
Foley & Lardner LLP served as fund counsel to Iron Path Capital in the formation and closing of Iron Path Capital Fund I.