ATTORNEY BIOGRAPHY

Carol P. Tello Partner Washington P: +1.202.383.0769 E: [email protected]

Education LL.M. in Taxation, Georgetown University Law Center J.D., University of Maryland School of Law B.A., College of William and Mary Bar Admissions District of Columbia Maryland

Background

With a career that spans both government and private practice, Carol Tello helps multinational companies and individuals navigate the complex and rigorous realm of international taxation. Her practice includes a broad range of cross-border tax planning and Internal Revenue Service (IRS) controversy matters, including compliance with the Foreign Account Tax Compliance Act (FATCA). Balancing the concurrent goals of minimizing tax consequences and complying with the law, Carol brings experience in cross-border restructuring transactions, inbound corporate transactions, withholding matters and treaty interpretation issues, as well as cross-border taxation of corporate executives and the U.S. taxation of non-U.S. citizens. She also advises clients on tax issues involving intellectual property transactions. Before joining Sutherland, Carol worked in the IRS Office of Associate Chief Counsel (International) and as a Special Assistant to the Assistant Commissioner (International). She participated in a number of income tax treaty negotiations, was the IRS National Office adviser in several U.S. Tax Court cases, and worked on various regulations and other guidance, including significant participation in developing regulations concerning the taxation of software transactions. Carol is the author of the BNA Treatise “Payments Directed Outside the United States – Withholding and Reporting Provisions Under Chapters 3 and 4.” Awards

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Recognized as one of the top "Women in Business Law" for Tax by Expert Guides (2014-2016)

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Recognized as one of the top 20 in Tax in the United States in Women in Business Law, a Legal Media Group Guide to the World’s Leading Lawyers (2012-2013)

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Recognized in The Guide to World’s Leading Tax Advisers (2011, 2014)

Professional Activities

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Fellow, American College of Tax Counsel

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Council Director, ABA Section of Taxation

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Vice Chair, International Programs – Europe, CLE Committee of the ABA Tax Section

SUTHERLAND ASBILL & BRENNAN LLP / SUTHERLAND (EUROPE) LLP / WWW.SUTHERLAND.COM ATLANTA / AUSTIN / GENEVA / HOUSTON / LONDON / NEW YORK / SACRAMENTO / WASHINGTON DC

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Member, IRS/GWU Advisory Board

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Past Immediate Chair, Section of Taxation FAUST Committee, American Bar Association (2011-2013)

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Member, Executive Committee, IFA USA Branch

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D.C. Regional Vice President, USA Branch of the International Fiscal Association (IFA)

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Fellow, American Bar Foundation

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Member, Task Force on International Tax Reform, Tax Section, American Bar Association (which published its report in The Tax Lawyer in 2006)

Articles

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An Introduction to Foreign Tax Credit (April 2016) Practising Law Institute

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Proposed OECD Multilateral Instrument - Will it be a Game Changer? (July 7, 2015) TerraLex Connections

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Study: FATCA Agreement and Intergovernmental Belgian-American: A Diagram (May 1, 2015) Revue De Droit Fiscal

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U.S. Tax Obligations and Compliance Options of U.S. Taxpayers (March 25, 2015) TerraLex Connections

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Proposed OECD Multilateral Instrument – Will It be a Game Changer? (February/March 2015) Scaling BEPS newsletter

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U.S. Tax Obligations and Compliance Options of U.S. Taxpayers (October 30, 2014) Bloomberg Law - Tax Planning International Review

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FATCA Implementation for Property and Casualty Insurers (September 29, 2014) Tax Notes

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FATCA: Catalyst for Global Cooperation on Exchange of Tax Information (May 2014) Rumanian Review for Business Law

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FATCA: Catalyst for Global Cooperation on Exchange of Tax Information (February 2014) Bulletin for International Taxation

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FATCA: Catalyst for Global Cooperation on Exchange of Tax Information (January 16, 2014) Revue De Droit Fiscal

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Conflicts and Issues under the U.S. - India Tax Treaty (January 2014) International Taxation

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Practical Aspects of Preparing for FATCA for Investment Funds and their Advisers (2013) Rivista della Guardia di Finanza

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FATCA: Catalyst for Global Cooperation on Exchange of Tax Information (2013) Forum Financier/Droit Bancaire Et Financier

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Tax Court Holds Rev. Proc. 99-32 Accounts Receivable Constitute Related-Party Indebtedness for Purposes Of §965 (December 13, 2013) Tax Management International Journal

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PPL Corporation vs. Commissioner: The U.S. Supreme Court Embraces Substance Over Form, Adopts Broad Reading of Creditable Income Taxes (November 2013 Issue) International Taxation

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U.S. Supreme Court Unanimously Rules in Favor of Taxpayer, Holds U.K. Windfall Tax Creditable (June 2013) 8 International Taxation 745

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FATCA Update for Commercial Lenders and Borrowers – Final Regulations and Later Guidance Provide Expanded Grandfather Rules, Extended Timeline, and Other Relief Provisions (Summer 2013) Commercial Law Newsletter

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Practical Aspects of FATCA. Preparation for Investment Funds and their Advisers (April 2013) Rivista Di Diritto Tributario Internazionale (International Tax Law Review)

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The U.S. Supreme Court Takes on the Question of Whether a U.K. Tax is Eligible as a ‘Creditable’ Tax – Implications for Indian Taxes (December 2012) International Taxation

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Income Tax Treaty Between India and the United States – Some Observations (September 2012) International Taxation

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An Introduction To the Foreign Tax Credit (July 2012) PLI Handbook J-981 Basics of International Taxation

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The House Always Wins: Treasury and the IRS Offer a Loaded Deck of Regulations Addressing Global Reshuffling (2012) Bloomberg BNA Tax and Accounting Center

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FATCA Implementation Moves Forward, but Much Remains to Be Done (June 1, 2012) Tax Management International Journal

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Tax Evasion – American Fisc Controls German Banks (April 17, 2012) Frankfurter Allgemeine Zeitung

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Proposed FATCA Regulations Provide Much Relief though Administrative and Financial Burdens Still Remain (April 2012) Reprinted with permission from IBDF Bulletin for International Taxation

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Getting Specific: IRS Issues Guidance on Withholding for Specified Notional Principal Contracts Under Section 871(M), Delays Statutory Effective Date (March 9, 2012) TerraLex Connections

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Getting Specific: IRS Issues Guidance on Withholding for Specified Notional Principal Contracts Under Section 871(M), Delays Statutory Effective Date (March 2, 2012) Bloomberg BNA

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LB&I Internal Directive Limits Application of the Economic Substance Doctrine and Related Penalties, But Raises Concerns About Transparency and Consistency of Process (September 2011) Tax Management

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Economic Substance Directive: Some Substance, Many Questions (August 22, 2011) Reposted with permission State Tax Notes

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It’s Just a Phase: The “Phased Implementation” of FATCA Under Notice 2011-53 (August 1, 2011) TerraLex Connections

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The FBAR Reset: Final Regulations Provide Mixed Guidance (April 25, 2011) Tax Notes

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Dealing with Codified Economic Substance in the Context of International Issues: Self Help, the Only Game in Town (Spring 2011) Copyright © 2011 by the author and Tax Executives Institute. Reprinted from the Spring 2011 issue of The Tax Executive

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U.S. Response to Unreported Offshore Income and Assets of U.S. Taxpayers (February 2011) Reprinted with permission from International Taxation India.

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Summer’s Last Gasp: Notice 2010-60—Preliminary Guidance Under FATCA (December 10, 2010)

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U.S. Withholding and Reporting Regimes - One Old, One New (October 2010) Reprinted with permission from International Taxation

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Foreign Tax Credit (September 2010) International Taxation

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Reporting, Withholding, and More Reporting: HIRE Act Reporting and Withholding Provisions (May 14, 2010) Reprinted with permission from Tax Management International Journal, Bureau of National Affairs (BNA) Tax Management

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New PFIC Guidance Provided: But More Remains to Be Done (December 11, 2009) Reprinted with permission from Tax Management International Journal, Bureau of National Affairs (BNA) Tax Management

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Increased Audit Activity Planned for U.S. Federal Excise Tax on Insurance Premiums (May 11, 2009) Reprinted with permission Tax Notes International, Vol. 54, No. 6

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New Switzerland-U.S. Tax Treaty Likely to Contain Key Enhancements (April 27, 2009) Reprinted with permission Tax Notes International Vol. 54, No. 4

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IRS Listens to Taxpayers and Limits Taxation of Patent Cross Licenses (March 15, 2007) Reprinted with permission, Practical US/International Tax Strategies

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Inversion Transactions: New Style Transactions Raise New Policy Issues (June 3, 2002) Tax Management Memorandum

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U.S. Foreign Tax Credits for Foreign Persons Under Section 906—What is the Effect of Section 865(e)(2) (June 2002) Reprinted with permission Tax Management International Journal, Bureau of National Affairs (BNA) Tax Management

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The Upside Down World of Corporate Inversion Transactions (April 2001) 30 Tax Management International Journal 161

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Financial Products Anti-Abuse Provisions in the New U.S. Income Tax Treaties Rejected by U.S. Senate (March/April 2000) Derivatives and Financial Instruments

Presentations

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International Transparency Panel (December 15, 2016) George Washington University Law School 29th Annual Institute on Current Issues in International Taxation

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Tax Strategies 2016 Cross-Border Acquisitions (November 3, 2016) PLI

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Tax Amnesties for Individuals (Voluntary Disclosures) and Corporations (US Foreign Tax Credit Issues), Including Italian Voluntary Disclosure Program (September 25, 2016) USA and Italy IFA Branches

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Basics of International Taxation 2016 (July 19-20 & September 19-20, 2016) Practicing Law Institute

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Practical Advice for Handling Transfer Pricing Issues in the Insurance Industry (June 2, 2016) Federal Bar Association's 28th Annual Insurance Tax Seminar

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Overview Advanced Withholding Tax Topics Panel (April 14, 2016) International Fiscal Association New England Region Meeting

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CAROL P. TELLO PAGE 6

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16th Annual Tax Planning Strategies Conference – U.S. and Europe (March 16, 2016 - March 18, 2016)

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Cloudy Tax Forecast: Taxing the Cloud (January 29, 2016) American Bar Association

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The 2016 EU Tax Update (January 29, 2016) American Bar Association

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Ask the IRS (December 18, 2015) George Washingtom University

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Current Issues in International Taxation (December 5, 2015) IRS/GWU 28th Annual Conference

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Current International Tax Issues for the General Tax Practitioner (November 19, 2015) 13th Biennial Parker C. Fielder Oil and Gas Tax Conference

 Cross-Border Mergers, Post-Acquisition Integration and Other International Issues (November 10, 2015) PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2015 

Relieving and Avoiding Double Tax (September 28, 2015) PLI Basics of International Taxation

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The Taxation of Expatriates (September 4, 2015) IFA Basel 2015 Congress

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Relieving and Avoiding Double Tax (July 21, 2015 ) PLI Basics of International Taxation

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Impact of Foreign Persons Having Owners, Directors and Service Providers in the United States (May 8, 2015) ABA Section of Taxation

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15th Annual U.S. and Europe Tax Planning Strategies Conference (April 16, 2015 - April 17, 2015)

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Foreign Tax Credit Panel (February 27, 2015) International Fiscal Association USA Branch Annual Conference

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Foreign Investments in U.S. Energy Assets (January 30, 2015) ABA Section of Taxation Midyear Meeting

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CAROL P. TELLO PAGE 7

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Controls and Effective Risk Management (December 12, 2014) The George Washington University Law School - 27th Annual Institute on Current Issues in International Taxation

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FATCA Implementation Issues (November 20, 2014) TEI Tulsa Chapter Federal Conference

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Transfer Pricing and the Implications of Business Changes for Multinationals (November 13, 2014) ABA Webinar

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Cross-Border Mergers, Post-Acquisition Integration and Other International Issues (November 5, 2014) PLI Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructuring 2014

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Recent Developments in International Taxation (October 12-17, 2014) 68th Congress of the International Fiscal Association

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Foreign Tax Credits (September 22, 2014) PLI Basics of International Taxation

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Foreign Tax Credits (July 22, 2014) PLI Basics of International Taxation 2014

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FATCA on the Horizon: Are You Ready? Updates, Tips and Questions Answered (April 22, 2014) Bloomberg BNA

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International Tax Issues Associated with Cloud Computing (April 17, 2014) International Fiscal Association

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14th Annual Tax Planning Strategies - U.S. and Europe Conference (April 10-11, 2014)

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What to do if the "Extenders" Don't: Planning and Mitigation (March 26, 2014) TEI Midyear Conference

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Foreign Tax Credits (December 12-13, 2013) 26th Annual Institute on Current Issues in International Taxation

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Conflicts Under India/USA Tax Treaty (December 5-7, 2013) International Taxation Conference - 2013

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International Tax Conflicts in Electronic Commerce (December 5-7, 2013) International Taxation Conference - 2013

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India-USA Tax Treaty: Brief Overview (December 5-7, 2013) International Taxation Conference - 2013

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CAROL P. TELLO PAGE 8

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Foreign Tax Credit Issues for the Oil and Gas Industry (November 21-22, 2013) 12th Biennial Parker C. Fielder Oil and Gas Tax Conference

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Foreign Tax Credit Developments (September 24, 2013) Practising Law Institute, Basics of International Tax Conference

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Reporting Foreign Source Income (September 20, 2013) 2013 Joint Fall CLE Meeting

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Hybrid Financing (August 23, 2013) Joint Meeting of the German and USA Branches of the International Fiscal Association

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Foreign Tax Credits (July 23, 2013) PLI Basics of International Taxation

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What's New With Foreign Tax Credits? (June 26, 2013) ABA Live CLE Webinar & Teleconference

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OECD Base Erosion and Profit Shifting (BEPS) Report (May 31, 2013) TerraLex Tax Practice Group Meeting

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Foreign Tax Credits (May 9-11, 2013) ABA Section of Taxation May 2013 Meeting

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What is Acceptable Tax Planning for Multinationals? (April 11, 2013) ABA U.S. and European Strategies Conference

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FATCA (March 1, 2013) Federal Bar Association Annual Meeting

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International Tax Developments and Updates (February 20-22, 2013) TEI Asia

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Final FATCA (February 4, 2013) BNA Webinar

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Adopting the New ISDA FATCA Protocol as a Risk Management Tool in FATCA Compliance (January 29, 2013) Canadian Institute Derivatives Reform Conference

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International Tax Enforcement Conference (November 8-9, 2012) TEI/ABA International Tax Enforcement

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Foreign Tax Credits (July 23-24, 2012) PLI Basics of International Taxation 2012

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The New Inversions Regulations (July 11, 2012) BNA Webinar

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CAROL P. TELLO PAGE 9

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Strategies to Identify U.S. Accounts in Compliance with the IRS and Treasury Guidance (May 30, 2012) The Canadian Institute: 2012 FATCA Conference

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Challenging Aggressive Tax Planning Domestically: The Impact of Tax Treaties on Source State Options (March 30, 2012) 12th Annual Tax Planning Strategies: U.S. and Europe Conference

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Banking and the Impact of the New FATCA Proposed Regulations (March 12, 2012) BNA Bloomberg Webinar

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Investment Funds and the New FATCA Proposed Regulations (March 9, 2012) BNA Bloomberg Webinar

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Trusts and the Impact of the New FATCA Proposed Regulations (March 7, 2012) BNA Bloomberg Webinar

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International Fiscal Association 2012 Annual Conference (March 1, 2012) International Fiscal Association

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Insurance and the Impact of the New FATCA Proposed Regulations (February 28, 2012) BNA Bloomberg Webinar

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Navigating the New FATCA Proposed Regulations – What You Need To Know (February 15, 2012) BNA Bloomberg Webinar

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Foreign Tax Credit (December 15, 2011) Internal Revenue Service/George Washington University Conference

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Economic Substance: Where Are We Now? The LB&I Field Directive (December 13, 2011) Inbound Issues Roundtable

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FATCA (November 17, 2011) 22nd Annual Philadelphia Tax Conference

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FBAR and FATCA – Impact on Global Operations (November 1, 2011) TEI Annual Conference

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Federal Limits on State Taxation (October 26, 2011 - October 27, 2011) The Chicago Tax Club's 2011 Fall Seminar

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Thinking about FATCA Implementation and FBAR Filing Requirements and Issues (October 18, 2011) TEI Tulsa Chapter Meeting

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Latest and Greatest in the Federal Tax Arena (September 27, 2011) TEI New York Chapter State Taxation Update

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The Foreign Account Tax Compliance Act and Its Implementation (September 9, 2011) IFA/CIOT/US/UK Joint Meeting

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Foreign Account Tax Compliance Act (July 22, 2011) Webinar, The Knowledge Center

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Notice 2011-34: More FATCA Guidance How It Will Affect You (June 29, 2011) Webinar

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Current Issues in International Taxation (June 16, 2011) Tax Executives Institute Houston Meeting

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Foreign Account Tax Compliance Act (June 10, 2011) Live Webcast

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Notice 2011-34: More FATCA Guidance and How It Will Affect You (May 3, 2011) Webinar

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Tax Treaty Abuse or Good Planning: Navigating GAARS, SAARS, and Other Anti-Treaty Shopping Rules (April 14-15, 2011) 11th Annual Tax Planning Strategies - U.S. and Europe Conference

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Addressing Codified Economic Substance in the International Realm – New Restrictions or Not? (December 8, 2010) TEI New York Chapter 47th Annual Tax Symposium

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Recent FATCA Guidance: Notice 2010-60 (November 18, 2010) IFA USA Branch New England Region Thirteenth Annual Fall Conference

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Revenue Provisions in H.R. 1586 (October 7, 2010) International Fiscal Association (IFA) USA Branch District of Columbia Region Afternoon Mini-Seminar and Social Hour

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The New FATCA Regulatory Guidance: Understanding Its Scope and How It Applies (September 28, 2010) Webinar

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State and Local Tax Considerations for Foreign-Owned Entities (June 7, 2010) Tax Executives Institute Atlanta Chapter Meeting

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The Global Assault on Banks and Financial Managers (June 3, 2010 - June 4, 2010) 10th Annual Tax Planning Strategies – U.S. and Europe Conference

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Check-the-Box Planning (May 12, 2010 - May 14, 2010) Practising Law Institute (PLI) CLE Program: Tax Planning for Domestic and Foreign Partnerships, LLCs, Joint Ventures, and Other Strategic Alliances 2010

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Passive Foreign Investment Company Tax Regulation (April 8, 2010) Strafford Webinar

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CAROL P. TELLO PAGE 11

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Understanding the IRS New Contract Manufacturing Rules (February 23, 2010) The Knowledge Group, LLC Webinar:

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What You Should Be Thinking About Concerning Foreign Tax Credit Developments (December 10, 2009) TEI New York Chapter’s 46th Annual Tax Symposium

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Understanding the New Qualified Intermediary (QI) Program for Foreign Financial Institutions (June 17, 2009) Knowledge Congress Webinar

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Tax Planning for Domestic & Foreign Partnerships, LLC’s, Joint Ventures and Other Strategic Alliances (May 15, 2009) PLI, Chicago

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Structure, Set Up and Roll Out of Multinational Carried Interest and Management Investment Schemes (April 15, 2009) International Law Section, American Bar Association

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Corporate Migration: Holding & Financing Regimes (April 2, 2009 - April 3, 2009) 9th Annual Tax Planning Strategies – U.S. and Europe Conference

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U.S. Tax Treaties (February 26, 2009) 37th Annual Conference of the USA Branch of the International Fiscal Association (IFA)

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International Topics (October 28-29, 2008) 8th Annual Conference, Tax Executives Institute (TEI)-LMSB Financial Services Industry

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The 8th Annual Tax Planning Strategies Conference (April 3, 2008 - April 4, 2008) American Bar Association Section of Taxation and the Taxes Committee of the International Bar Association Taxation Section

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The 7th Annual Tax Planning Strategies Conference (April 19-20, 2007) American Bar Association

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Section 901 Regulations (November 17, 2006) Tax Executives Institute New Jersey Chapter

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Recent International Regulatory Issues (April 3-6, 2005) Tax Executive Institute Mid-Year Meeting

Books

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The Tax Revolution of 2014: FATCA, BEPS, OVDP (2014 )

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Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4 (2010) BNA TMP 915-3d

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