m*****i
发帖数: 4342 | 1 When billionaire Billy Joe "Red" McCombs, co-founder of Clear Channel
Communications Inc., reported a $9.8 million loss on his tax return, he
failed to include about $259 million from a lucrative stock transaction.
After an audit, the Internal Revenue Service ordered him to pay $44.7
million in back taxes. McCombs, who is worth an estimated $1.4 billion and
is a former owner of the Minnesota Vikings, Denver Nuggets and San Antonio
Spurs sports franchises, sued the IRS, settling the case in March for about
half the disputed amount.
In the McCombs case, the billionaire entered into transactions known as
variable prepaid forward contracts. He received about $259 million for
lending an investment bank his Clear Channel shares with a promise to
deliver the stock for good a few years later. The arrangement enabled
McCombs to defer paying capital gains tax because he hadn't sold his shares,
lawyers for the billionaire said. The IRS deemed the transaction a sale
since the bank paid McCombs cash and got the use of his stock almost
immediately. | m*****i
发帖数: 4342 | 2 Bascially, McCombs shorted the stock against the box. we can do the same
thing, but we will not receive the cash from brokerage for shorting our
stocks.
In his case, it was really a sale of his stock.
about
【在 m*****i 的大作中提到】
: When billionaire Billy Joe "Red" McCombs, co-founder of Clear Channel
: Communications Inc., reported a $9.8 million loss on his tax return, he
: failed to include about $259 million from a lucrative stock transaction.
: After an audit, the Internal Revenue Service ordered him to pay $44.7
: million in back taxes. McCombs, who is worth an estimated $1.4 billion and
: is a former owner of the Minnesota Vikings, Denver Nuggets and San Antonio
: Spurs sports franchises, sued the IRS, settling the case in March for about
: half the disputed amount.
: In the McCombs case, the billionaire entered into transactions known as
: variable prepaid forward contracts. He received about $259 million for
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