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Friday, December 30, 2011

First Tim Tebow, Now the IRS: Kyle Orton Sues Law Firm After Tax Shelter Sacking

OrtonBloomberg, NFL Quarterback Kyle Orton Sues Chicago Law Firm Over Tax Partnerships:

Kyle Orton, the National Football League player, sued a Chicago law firm alleging he and other investors suffered millions of dollars of losses from partnerships that failed to provide anticipated tax benefits.

Orton, in a complaint filed yesterday in state court in Chicago, accuses Chuhak & Tecson PC of misrepresentation and negligence over advice on investments in oil and gas partnerships that were designed to grant tax credits. He and a co-plaintiff seek to represent other investors in a class-action lawsuit.

The firm didn’t warn Orton and other investors that there was a possibility they wouldn’t receive the anticipated tax credits because the partnerships, set up to sell biomass gas from landfills to generate electricity, didn’t meet the statutory requirements for the credits. ...

Orton, 29, has started the past two games for Kansas City after being claimed by the Chiefs off waivers on Nov. 23. The quarterback began the season with Denver, then was replaced by Tim Tebow as the Broncos’ starter.

(Hat Tip: Bob Kamman.)

http://taxprof.typepad.com/taxprof_blog/2011/12/nfl-quarterback-kyle-orton.html

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Comments

I hope Orton has a better 2012 than 2011, because this year has certainly been awful for him.

Posted by: Lt. Dangle | Dec 30, 2011 12:41:57 PM