Viva Hammer is a partner in the firm's Tax and Financial Services groups. She recently joined Crowell & Moring from the Office of Tax Policy in the US Department of Treasury, where she was Associate Tax Legislative Counsel, responsible for developing the policy and law governing the taxation of financial institutions and products. She drafted and supervised the publication of the hedging regulations, notional principal contract (swap) regulations, as well as Tax Shelter Notices regarding foreign currency and swap transactions. She was also responsible for the Credit Card Revenue Rulings, guidance relating to Contingent Convertibles, and FELINE PRIDES.

Prior to leaving the Treasury, she was very involved in the development of guidance relating to the book-tax conformity for dealers in securities and treatment of nonperforming loans by banks. While at Treasury, she served as a member of the President's Working Group on Derivatives Oversight and Implementation. Since 1999 Viva has served on the Editorial Board for the Derivatives and Financial Instruments Journal of the International Bureau of Fiscal Documentation. In 1997, she served as Chair for the US Council for International Business' Committee on the Tax Implications of the European Monetary Union. Currently, Viva is Chair of the Legislative Matters Subcommittee of the Banking and Savings Institutions Committee, Tax Section of the American Bar Association. 

In The News

• Viva, along with Financial Services Group partner Bill O'Connor, were featured for their comments in the February 25, 2008 edition BNA's Daily Report for Executives relating to discussions surrounding the SEC and European Regulators creating a public exchange for certain derivatives products in an effort to enhance market transparency.
• Viva was featured in the February 15, 2008 Ignites for her comments on what some see as an unfair tax advantage for exchange-traded notes (ETN’s). The notes let investors buy a type of forward contract linked to commodities and assets, and holders are allowed to defer taxable income indefinitely. Hammer cautions that the proposed tax reform could have consequences. She states that “All taxable derivative contracts — a massive market — would be affected.”
• Viva was featured in Bloomberg News on February 14, 2008 for her comments about a new product introduced by Barclays that provides a favorable tax advantage over mutual funds which is being viewed by the mutual fund industry trade group as "unwarranted, unintended and unfair".
• Viva is featured in the December 11, 2007 Wall Street Journal article, "Fund Track: A Tax-Deferral Program is Likely to End, Regulators Move to Halt Capital Gains Benefits of Exchange-Traded Notes" for her comments on the recent actions by the Treasury Department and the Internal Revenue Service to try and end the beneficial tax treatment of investors that use exchange-traded notes, or ETNs.
• Viva was quoted in a November 12, 2007 online article in The Nation entitled, "Executive Excess on Capitol Hill." 
• Viva's comments featured in a November 7, 2007 Washington Post article, "Democrats Split Over Bill Affecting Backers: Tax Measure Targets Hedge Funds" by Jonathan Weisman.
• "Politicians Face Choice Between Tax and Hedge Fund Industry," New York Sun, November 7, 2007.
• Viva was featured in a November 2, 2007 Reuters article, "IRS to Probe Hedge Fund, Private Equity Taxes", for her comments on the U.S. tax authorities attempt to discover if fund managers in the private equity and hedge fund industry are paying their taxes properly.
• Viva's comments featured in a September 7, 2007 Bloomberg.com article, "Hedge-Fund Managers Eyed by Congress for Medicare Tax."
• Viva was featured in the September 2007 Hedge Fund Journal article, "The Tax Man Cometh", for her thoughts on the management of hedge funds and the recent Baucus-Grassley bill, which is targeting financial services partnerships. The proposed legislation would increase the tax rate from 15% to 35% for publicly-traded partnerships that get most of their earnings from asset management and investment adviser services.
• "Speakers Question Distinctions Regarding Taxation of Alternative Investment Vehicles," BNA Daily Report for Executives and BNA Daily Tax Report, August 1, 2007.
• "Jenkins & Gilchrist: Another Shoe to Drop?," Trusts & Estates, August 2007.
• "America vs. Hedge Funds?," Absolute Return, June 2007.

Education
University of Sydney, Australia, Bachelor of Economics, 1987 - graduated one of top two in class
University of Sydney Law School, Australia, 1990 - First Class Honours

Affiliations
Admitted to practice: 
New York 
District of Columbia

Publications
"How Should a Corporation Strategically Review Its Capital Markets and Financial Activities in the United States," Derivatives & Financial Instruments, Vol. 10, No. 1 (2008). Author: Viva Hammer.

"The Taxman Commeth," Alpha Magazine, Institutional Investor (September 2007). Author: Viva Hammer.

"Insurance Derivatives: A Tax Angle," Practising Law Institute (2001-2006). Co-Authors: Viva Hammer and Ann E. Singer.

"Review of Current Financial Literature," Derivatives and Financial Instruments, IBFD (November/December 2003). Author: Viva Hammer.

"Financial Engineering: Derivatives and Risk Management," Journal of Financial Institutions (November/December 2002). Author: Viva Hammer.

"Theory of Financial Risks," Journal of Financial Institutions (January/February 2002). Author: Viva Hammer.

"Insurance Derivatives: U.S. Tax Issues," CCH Journal of Financial Products (Spring 2001). Co-Authors: Viva Hammer and Ann E. Singer.

"FASITS," Derivatives and Financial Instruments, IBFD (2001). Co-Authors: Viva Hammer and Ann E. Singer.

Financial Products Columnist, CPA Journal, Journal of the New York Sate Society of Certified Public Accountants (1996-2000). Author: Viva Hammer.

"Taxation of Index Options," Derivatives and Financial Instruments, IBFD (January/February 2000). Author: Viva Hammer.

"Taxation of Hybrid Instruments," Derivatives and Financial Instruments, IBFD (November/December 1999). Author: Viva Hammer.

"Taxation of Credit Derivatives," Derivatives and Financial Instruments, IBFD (July/August 1999). Author: Viva Hammer.

"Financial Risk Management," Derivatives Tax, Regulation, Finance (November 1998). Author: Viva Hammer.

"Accounting and Tax Implications of Credit Derivatives," Credit Derivatives, ed., Satyajit Das, John Wiley (1998). Author: Viva Hammer.

"Taxation of Equity Derivatives," Equity Derivatives: Applications in Risk Management, Risk Publications (1997). Author: Viva Hammer.

"US Tax Aspects of Equity Derivatives," Tax Management Financial Products Report (November 1997). Author: Viva Hammer.

"US Tax and Equity Derivatives," Tax Management Memorandum (October 1997). Author: Viva Hammer.

"US Tax Consequences of Using FX Derivatives," Tax Management Financial Products Report (August 1997). Author: Viva Hammer.

"Taxation of Financial Instruments," Tax Notes (July 1997). Author: Viva Hammer.

"Demystifying the Mathematics of Derivatives," Derivatives Strategy (June 1997). Author: Viva Hammer.

"Derivatives Demystified, Twice," Tax Notes (June 1997). Author: Viva Hammer.

"Australian and US Transfer Pricing Rules Track Each Other," Journal of International Tax (June 1994). Author: Viva Hammer.

Speeches & Presentations
"Tax Legislative Initiatives Targeted at Investment Partnerships," Investment Partnership Conference - Foundation for Accounting Education, New York, NY (October 24, 2007). Speaker: Viva Hammer.

"How Should a Corporation Strategically Review its Capital Markets and Financial Activities?" Coping with IRS Audits and Controversy - Crowell & Moring LLP, Washington, D.C. (October 11, 2007). Speaker: Viva Hammer.

"A Primer on Aviation Taxes," 12th Annual Corporate Aircraft Transactions - Strategic Research Institute, New York, NY (July 19, 2007). Speaker: Viva Hammer.

"Divergent Tax Treatment of Capital Markets Participants Conducting Similar Activities," American Bar Association, Washington, D.C. (May 11, 2007). Panel Moderator: Viva Hammer.

"The Action/Reaction Cycle to Financial Products Innovation," The Intersection of Taxes and Investing - Leonard N. Stern School of Business, New York University Solomon Center, New York, NY (April 27, 2007). Co-Speakers: Viva Hammer and Edward D. Kleinbard.

"Accrual of Interest on Nonperforming Loans," "Commodity Investments by Mutual Funds and Other Current Developments," American Bar Association, San Diego (February 2006). Speaker: Viva Hammer.

"Washington Developments," Foundation for Accounting Education, New York (2001-2006). Speaker: Viva Hammer.

"Current Developments in Financial Products," American Bar Association, Washington, DC, and San Francisco (May 2005 and September 2005). Speaker: Viva Hammer.

"Credit Default Swaps," D.C. Bar Association (May 2005). Speaker: Viva Hammer.

"ECAPS," Address to Investment Management Committee, American Bar Association, San Diego (January 2005). Speaker: Viva Hammer.

"Foreign Currency Options," American Bar Association, Orlando (January 2004). Speaker: Viva Hammer.

"Financial Products Update," Foundation for Accounting Education, New York (January 2004). Speaker: Viva Hammer.

"FELINE PRIDES and similar products," American Bar Association, Chicago (September 2003). Speaker: Viva Hammer.

"Prides and other Hot Issues," DC Bar Association, Washington, DC (September 2003). Speaker: Viva Hammer.

"Current Issues in Financial Products," Wall Street Tax Association, Washington, DC (June 2003). Speaker: Viva Hammer.

"Financial Products," Federal Bar Association, Washington, DC (June 2003). Speaker: Viva Hammer.

"Financing Techniques Using Debt and Forward Contract Investment Units," American Bar Association, Washington, DC (May 2003). Speaker: Viva Hammer.

"DECS, STRYPES Ruling," American Bar Association, San Antonio (January 2003). Speaker: Viva Hammer.

"Modifications of Non-Debt Financial Instruments," "Partnership Options," American Bar Association, Los Angeles (October 2002). Speaker: Viva Hammer.

"Hedging Regulations," American Bar Association, Washington, DC (May 2002). Speaker: Viva Hammer.

Luncheon speech to Financial group at American Bar Association, New Orleans (January 2002). Speaker: Viva Hammer.

"Current Financial Product Issues," DC Bar Association, Washington, DC (January 2002). Speaker: Viva Hammer.

"Hedging Regulations," "Notional Principal Contracts," American Bar Association (May 2001). Speaker: Viva Hammer.

"Tax Cut Proposals," and "Views from the Hill and Pennsylvania Avenue," Tax Coalition Issues Forum, The Homestead, Hot Springs, Virginia (April 2001). Speaker: Viva Hammer.

"Monetization Techniques," DC Bar Association, Washington, DC (January 2001). Speaker: Viva Hammer.

"Tax and Credit Derivatives," Credit Derivatives Conference, IBFD, Amsterdam (March 2000). Speaker: Viva Hammer.

"Use of Derivatives in Corporate Tax Planning," Derivative Tax Planning Conference, Information Management Network, New York (December 1999). Speaker: Viva Hammer.

"Financial Products: the Customer’s Perspective," Bank Tax Institute, Orlando (December 1998). Speaker: Viva Hammer.

"Energy Price Risk Management," Electric and Gas Issues Forum, New York (December 1998). Speaker: Viva Hammer.

"New Financial Products and Tax Implications," Bank Tax Institute, Orlando (December 1997). Speaker: Viva Hammer.

"U.S. Tax and the E.M.U.," U.S. Council for International Business, Washington, DC (November 1997). Speaker: Viva Hammer.

"Maximizing Foreign Tax Credit Benefits," Council for International Tax Education, New York (October 1997). Speaker: Viva Hammer.

"Taxation of Capital Markets Transactions," Tax Select, Houston, Texas (October 1996). Speaker: Viva Hammer.