Friday, July 23, 2010
Tax Court Rejects Billionaire Anschutz's Use of Variable Prepaid Forward Contracts to Avoid $144m Capital Gain
The Tax Court yesterday disallowed billionaire Philip Anschutz's use of variable prepaid forward contracts with Donaldson, Lufkin & Jenrette to avoid $144 million in capital gains taxes. Anschutz Co. v. Commissioner, 135 T.C. No. 5 (July 22, 2010).
- Bloomberg, Billionaire Anschutz Loses Capital Gains Ruling Over $144 Million Tax Bill
- Forbes, Billionaire Anschutz Loses Big Tax Case
- Wall Street Journal, Anschutz Loses Tax Court Decision