A Section 1033 profit could be less than the 20% capital gain he will have to pay?
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
Another ascribed motive. I just ... I can't even ...
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
The point is that if it is an involuntary conversion he wouldn't have to pay any capital gains tax. But I don't think that applies here because he is getting money.
If he purchases acceptable replacement property within 2 years, then if it is an involuntary conversion isn't the same as an involuntary conversion into similar property, rather than money (at least to the extent of the purchase price of the purchased replacement property)? Totally not what I do, and I would be surprised if he actually could purchase similar enough property to qualify - my gut says any other kind of pro sports team would work, but I can't imagine any other league allowing him in, who knows though, maybe in Europe.
Could he make a case that he never intended to sell the team during his lifetime and defer tax obligations until then?
Here's another question- Due to the fact that he agreed to these terms in taking possession of the asset, would it still be considered "involuntary"? He knew this was a possibility under certain circumstances and agreed to the procedure in advance.
Would it have to be in a similar business (sports) or could he buy into another entertainment business?
I'm about 100% sure the IRS will make this argument if he tries to take advantage of 1033.
It's been a while since I ventured over to the politics board, but does Jhmd always display such an inability to focus? There's pills for that.
I get that being angry at a lot of things makes for a lot of targets, but #dialogue requires staying on point, at least for a couple posts.
So maybe I'm off here, but JHMD, BKF, and RJ all agree on something?
What does that tell the rest of us?