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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.

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