Quote:
Originally Posted by AllAboutCams
No freedom of speech in america now?
|
Sad but very true.
Quote:
Originally Posted by ~Ray
at the end of every freedom lies a law. what law did he break?
|
Exactly.
Quote:
Originally Posted by dyna mo
pfft. I hope all the anti-racist racists are happy that an illicitly taped private phone call will cost the man a few $100 million in taxes to sell the team. That's quite the penalty for being a racist in your private life.
|
Likely no penalty but he will need to reinvest the capital gained.
Quote:
Originally Posted by adultchatpay
I hope they record all owners conversation and they will end up like Sterling.
|
That means most leagues are up for sale.
Quote:
Originally Posted by Just Alex
And pay close to $300 million capital gain tax
|
Courtesy of the Tax Accountant ...
Tax Code -Section 1033
Special tax treatment for people whose property has been stolen, appropriated by the government (i.e. eminent domain), or ?involuntarily converted.? Keyword is involuntarily.
Keeping it simple, the approach is that if you have received money because someone took your "property" or "assets" away from you, you should not have to pay taxes on it, since you did not enter into the transaction voluntarily.