Bankrupcy Court Approves Cubs 'Transfer', Zell's Tax Dodge
As part of the transaction, the Cubs are expected to file for bankruptcy on October 12 to shed any obligations to Tribune.
The complicated deal is designed to be recognized as a disregarded transaction for tax purposes, potentially allowing the Tribune to avoid paying tax on the gain in value of the team.
The Washington Post reported that a leading tax specialist expects federal authorities to challenge the deal's status.
over 2 years ago
The Deputy Mayor of Rush Street
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Thank God Shawon Dunston..
withdrew his objections, and gave his blessing to this deal.
by The Deputy Mayor of Rush Street on Sep 24, 2009 12:02 PM CDT reply actions
The Tax thing is mentioned here
http://www.bleedcubbieblue.com/2009/9/22/1050457/cubs-sale-could-attract-irs
See the Cubs 2010 schedule at http://cubsbythenumbers.com/sched2010.html
Also see what old Cubs Scorecards looked like at http://cubsbythenumbers.com/scorecards.html
I'm not at all surprised that the deal was approved.
No doubt, all these “roadblocks” were carefully considered by the parties BEFORE they became an issue.
"You can observe a lot just by watching." ~ Yogi Berra
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