Deacon923
Scooter Banks
Yeah but he already had that, plus he got to sit on the sidelines and be part of a super exclusive club.
I just looked into the tax thing and... I don't know, I don't buy it. I'm assuming there was language in whatever the deal is between owners and the NBA that permits them to force a sale. If he agreed to those terms beforehand, can he really claim the sale is involuntary?
Edit: Also it looks like he would just transfer the tax basis to the new asset, so basically the gains tax would be delayed, same as if he retained ownership of the team.
Apologies for the nerd overload.
That's a huge win for Sterling though. You've heard the axioms "a tax delayed is a tax not paid" and "the best tax planning strategy is to die?" If he rolls over the basis to another asset, and holds it until he dies, his family gets the basis step up to FMV and the tax vanishes (after the estate taxes, but those would have been owed on his death anyway).