Katherine Breaks

Tax Managing Director, Tax Credit and Energy Advisory Services
KPMG

Function and Specialization

Katherine is a tax managing director in KPMG’s Tax Credit and Energy Advisory Services  practice where she advises companies on federal energy tax incentives.  She also advises companies on the impact of federal tax legislation and associated guidance.  Katherine joined KPMG in 1998.


Education, Licenses & Certifications

  • BA, Yale University
  • JD, New York University School of Law
  • District of Columbia Bar Association
  • American Bar Association
  • Former Chair of the Capital Recovery and Leasing Committee of the Tax Section of the American Bar Association.

 

Professional and Industry Experience    

Katherine has advised dozens of companies on energy tax credits.  This work has included assisting companies in developing tax-efficient investment structures, including.

  • Advising on transactions involving the so-called “flip structure” and “inverted lease”
  • Performing due diligence reviews
  • Providing risk assessments
  • Preparing tax opinions
  • Reviewing financial models
  • Providing general federal income tax advice

Recent projects have included:

  • Providing due diligence services in connection with acquisition of a wind project, including reviewing tax

components of financial model

  • Providing cost segregation services to one of the largest wind developers in the U.S.
  • Providing advice on the “begin construction” requirements under Notices 2013-29 and 2016-31
  • Providing advice on the so-called 80/20 test that allows repowered wind projects to claim a new 10-year credit period.

Outside Involvement

  • Katherine coauthored, Energy: IRS Notice 2016-31: Further Clarification of ‘Begin Construction’ for Renewable Energy Facilities, in BNA’s Daily Tax Report on September 22, 2016
  • Katherine coauthored, Letter Ruling on Electricity Storage Activities Yields Some Insights on How to Analyze an Asset’s Depreciation Classification, in Taxes, in June 2016
  • Panelist, Renewable Energy Finance Forum – Wall Street, June 26, 2014, New Ways to Raise Equity
  • Katherine coauthored, Deconstructing the “Begin Construction” rules for Renewable Energy Tax Credits in BNA’s Daily Tax Report on October 7, 2013
  • Katherine coauthored, The Final Sprint to Begin Construction by Dec. 31, 2011: New Developments for the Renewable Energy Grant Program in BNA’s Daily Tax Report on December 23, 2011
  • Katherine co-authored Examining Treasury’s Guidance on Energy Grants, Daily Tax Report, August 13, 2009
  • Katherine provided commentary in CCH’s Law, Explanation and Analysis on the American Recovery and Reinvestment Act of 2009