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Friday, June 1, 2012

From L.A. Dodgers to Alleged Tax Dodgers

McCourtForbes, From L.A. Dodgers to Alleged Tax Dodgers: The McCourt Saga Continues:

[T]he investigation is focused not only on your run of the mill fraud but on federal and state income tax issues (the MLB has already confirmed via the bankruptcy petition that the Dodgers owe the City of Los Angeles nearly a quarter of a million dollars in back taxes). ...

Jamie McCourt had previously alleged in the nasty, public – did I mention nasty? – divorce of the former owners that the couple had paid no federal or state taxes for at least six years, beginning 2004, the year the McCourts bought the Dodgers. That was as of last year. There’s no word on whether any taxes had been filed or paid for 2010 and/or 2011. Last year, Frank McCourt’s accountant confirmed that the McCourts and/or related entities were under examination for 2006, 2007 and 2008. That was confirmed by Major League Baseball (MLB) Commissioner Bud Selig last year. ...

The MLB alleges that Frank McCourt – who holds a degree in economics from Georgetown University – improperly converted as much as $189 million. If that’s true – and if he didn’t report it as income – that could result in a pretty sizable tax bill and potentially, criminal charges.

http://taxprof.typepad.com/taxprof_blog/2012/06/from-la-dodgers.html

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