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Duane E. Waters

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Phone: 310-393-4000
  Duane E. Waters

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Duane E. Waters is Of Counsel to Gilchrist & Rutter. Mr. Waters' practice focuses on federal and state income taxation research and planning, estate and family planning, IRS audit representation and appeal, and tax impacts of business and transactional planning.

As a Certified Public Accountant, Mr. Waters acquired his expertise in real estate and partnerships during a long career with Arthur Andersen LLP. He successfully founded and managed the firm's tax practice in Hawaii, building it into the largest tax practice in the state, while simultaneously managing a large client base in Los Angeles. Mr. Waters retired from Arthur Andersen as a world-wide partner in 2000.

Mr. Waters' clients have included Maguire Thomas Partners, Maguire Properties, LP; Thomas Properties Group, Inc.; Catellus Development Corporation; CommonWealth Partners, LLC; The Shidler Group; The Alger Foundation and Playa Vista.

Mr. Waters has a long history of speaking before industry professionals and related business organizations on real estate taxation, partnership taxation, family tax planning and contemporary issue tax planning, including the impact and consequences of planning on federal and state income taxes. A widely-published contributor to various trade journals and business publications, Mr. Waters also wrote Cost Allocations for Real Estate Developers and co-authored Federal Taxes Affecting Real Estate.


Counsel a broad base of clients, including large publicly-held corporations, entrepreneurs, non-profit organizations, large foundations and wealthy individuals, with specific emphasis on federal and state tax implications, tax deferments and tax credit transfers.

Provide clients with in-depth analysis regarding the relevance and importance of tax law changes, court decisions, revenue rulings and administrative actions.

Counsel clients in the structuring and protection of their assets and income with respect to such new legislation and court rulings.

Counsel clients in the formation of partnerships, trusts, family limited partnerships, professional corporations and related entities, and employee stock ownership plans (ESOPs). Counsel real estate investment trusts (REITs) in business transactions and tax requirements.

Thirty-year practice as a Certified Public Accountant with the accounting firm of Arthur Andersen LLP, from 1970 until retirement from that firm as a Tax Partner in 2000.

As Tax Partner at Arthur Andersen, served on the firmwide real estate specialty team and the partnership specialty team providing real estate and partnership expertise to other partners throughout the Firm. Founded Arthur Andersen's Hawaii tax practice, building it into the state's largest accounting practice within only a short period of time. Simultaneously managed dual full tax practices in both Hawaii and Los Angeles. Engagement Partner on two of the top ten largest real estate clients of Arthur Andersen. Taught and wrote training materials for firm programs.

Duane also has eight years of experience as a chief financial officer in private industry.


Bar Admissions:

U.S. District Court Southern District of California
U.S. Tax Court


Published Works:

Another Reason to be Unmarried (PDF), September 2015

Summertime Taxes (PDF), June 2015

"Federal Taxes Affecting Real Estate" (Co-Author)

"Cost Allocations for Real Estate Developers," Journal of Taxation


Mr. Waters speaks frequently on real estate taxation, partnership taxation, family tax planning and other tax issues, including impact and consequences of planning on federal and state income taxes.


J.D. (1970), University of Southern California Law Center, Los Angeles

B.S. (1967) in Accounting, University of Southern California, Los Angeles


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