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Maxfield earned an undergraduate degree in 1955 from Augustana
College and was elected to Phi Beta Kappa. He then attended
Michigan Law School where he became a member of the Law Review
and was elected to the Order of the Coif. He graduated Summa Cum
Laude in 1958. After law school Maxfield became employed by the
law firm of White & Case in New York City. In 1963 he left White
& Case to be an assistant professor in the graduate tax program
at the New York University (NYU) Law School. He became a full
professor 12 to 14 years later. Maxfield has written articles
for Law Reviews and co-authored a book on Federal estate and gift
taxation. During his tenure at NYU he has been "of counsel" to
various law firms. For approximately 10 years he was of counsel
to the law firm of Gifford, Woody, Carter & Hayes. Sometime in
1981 he became of counsel to the law firm of Sann & Howe. Among
his various functions at the firm, Maxfield reviewed tax-
advantaged investments at Sann & Howe.
Maxfield learned of the Plastics Recycling transactions in
1981 from John Y. Taggart (Taggart), a tax partner at the law
firm of Windels, Marx, Davies & Ives (WMDI). Taggart and other
attorneys at WMDI prepared the offering memoranda, tax opinion,
and other legal documents for Empire and Plymouth. Maxfield and
Taggart were close personal friends. They had known each other
since 1959 when they were colleagues at White & Case. Maxfield
was the "best man" at Taggart's wedding and named Taggart as
executor of his will. Before joining WMDI, Taggart also had been
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