LA Radio Station Wins Refund Suit Over Like-Kind Exchange

Law360, New York (August 26, 2013, 5:36 PM ET) -- The U.S. Court of Federal Claims on Thursday ruled in favor of a Los Angeles area radio station in a refund suit over the value of assets in a like-kind exchange involving the swap of two radio stations.

The court held that the value of the radio station KZLA was properly reported as just the value of the Federal Communications Commission license and that no goodwill was attached, defeating the Internal Revenue Service’s assessment of capital gains tax on the alleged goodwill at value.

“Plaintiff has...
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