Tax Dodgers - problems in La-La Land

Practical and Practice issues for Professionals who practice in the area of taxation. Moral, social and economic issues relating to taxes, including international issues, the U.S. Internal Revenue Code, state tax issues, etc. Not for "tax protestor" issues, which should be posted in the "tax protestor" forum above. The advice or opinion given herein should not be relied on for any purpose whatsoever. Also examines cookie-cutter deals that have no economic substance but exist only to generate losses, as marketed by everybody from solo practitioner tax lawyers to the major accounting firms.
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Pottapaug1938
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Re: Tax Dodgers - problems in La-La Land

Postby Pottapaug1938 » Thu Apr 21, 2011 11:39 am

Red Sox fans are breathing a sigh of intense relief that the McCourts, originally from the area (a niece was in my daughter's Girl Scout troop), never got to buy the team when it was for sale around 10 years ago.
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Re: Tax Dodgers - problems in La-La Land

Postby Gregg » Thu Apr 21, 2011 2:42 pm

Who wants to bet it's free drinks in Brooklyn today!
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Re: Tax Dodgers - problems in La-La Land

Postby Gregg » Thu Apr 28, 2011 4:35 pm

I heard the owner of the Dodgers on CNBC this morning. I was only mildly interested in the story to begin with but after hearing him, I'm gonna follow it more. Know this, there is another shoe to drop somewhere. I don't know the details, there is some renewal of a TV deal or something that when it is finalized will net the team $285Mil, and he was trying real hard to be non nonchalant about it. He needs the cash, he sounded like he was pretty desperate for it.
Also, the thing that first got me to pay real attention instead of letting it go like finance Muzak was he was asked about something and a figure of $100 million was the amount, he said " well that's actually not all at once, it's over the course of 7 years, I took out $3 million a year and my wife was responsible for $2 million a year, and that's over 7 years, so that's how you get $100 million" Not only did he say it, he repeated it several times. Enough that I pulled over and got out a calculator and still couldn't figure out how 7 times 5 equaled 100.

If that's how good his
1) Math
2) sense of how dumb listeners
3) ability to lie
is, then maybe it's best someone is taking control of the team for him.

Anyhow, don't know if they'll replay it, but 5 minutes of listening to the guy has convinced me there's something he's trying to cover up and he's in a lot of money trouble somewhere. Just my take.
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Re: Tax Dodgers - problems in La-La Land

Postby The Observer » Thu Apr 28, 2011 7:39 pm

The problem is that the McCourts never had the financial ability to be a proper baseball owner. Apparently they relied on leveraging the money for the purchase and simply don't have the capital to provide the cash flow needed. Since the allegations indicate that the McCourts may have been taking money out of the team rather than putting it towards operations, it is understandable why the commisioner stepped in. The "TV Deal" was an attempt by Frank McCourt to secure advance funds from rights to Fox so that he could buy out his ex-wife's share of the team - one quote I saw said $200 million.
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