Tribune Can't Cut Cubs Sale Gains By $249M, Tax Court Says

By Theresa Schliep (October 26, 2021, 7:41 PM EDT) -- Tribune Media Co. can't reduce its gains from selling the Chicago Cubs by nearly $249 million because that money was equity and not debt, the U.S. Tax Court said Tuesday in a mixed ruling for the defunct media giant.

The $249 million in funds used to finance the 2009 sale of the Chicago Cubs from Tribune to the Ricketts family cannot reduce the gains the media company earned from the sale, the Tax Court said in a memorandum opinion. A number of factors indicate that the financing was equity, and not debt, for tax purposes, including the intent of the financing...

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