Chicago Baseball Holdings, LLC, et al v. CIR
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February 15, 2024
Tax On Tribune's Cubs Sale Troubling, 7th Circ. Judge Says
A Seventh Circuit judge said Thursday he was troubled by an IRS push to tax Tribune Media Co. on some gains from its sale of the Chicago Cubs that stemmed from a $425 million debt transaction, saying the agency seemed to ignore the relevant legal test.
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August 16, 2023
US Chamber Backs Tribune In 7th Circ. Over Cubs Sale Funds
The IRS arbitrarily modified rules and would create uncertainty in tax law in its approach toward a litigated $425 million loan used to finance Tribune Media Co.'s sale of the Chicago Cubs, the U.S. Chamber of Commerce told the Seventh Circuit in a brief.
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August 09, 2023
Cubs Sale Funds Aren't Considered Equity, 7th Circ. Told
The U.S. Tax Court was incorrect to find that Tribune Media Co. can't reduce its gains from selling the Chicago Cubs by nearly $249 million, the company told the Seventh Circuit, contending that the funds were debt and not equity as the Tax Court had concluded.
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July 06, 2023
Federal Tax Cases To Watch In 2nd Half Of 2023
In the second half of 2023, tax pros will be watching a U.S. Supreme Court challenge to the repatriation tax enacted in the 2017 federal tax overhaul and a dispute between the government and multinational telecommunications company Liberty Global Inc. in a Colorado federal court. Here, Law360 highlights those and other notable pending federal tax cases to watch for the rest of the year.
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May 16, 2023
Tribune's $425M In Cubs Sale Financing Taxable, 7th Circ. Told
The U.S. Tax Court improperly determined that Tribune Media Co. could shield from tax $425 million that was used to finance its sale of the Chicago Cubs, the U.S. told the Seventh Circuit, arguing that Tribune wasn't actually at risk of having to pay back the debt.
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January 23, 2023
IRS Going To 7th Circ. In Tax Battle Over Tribune's Cubs Sale
The federal government is pursuing a Seventh Circuit appeal of a U.S. Tax Court decision finding Tribune Media Co. didn't owe tax for 2009 after the IRS sought to increase its liability by nearly $182 million in connection with its sale of the Chicago Cubs.