Thursday, April 19, 2012

How to Pay Taxes Like Former Dodgers Owner Frank McCourt

From 2003 to 2008, then-Los Angeles Dodgers owner and real estate developer Frank McCourt paid no federal or state regular income taxes, as stated in court records dug up by the Los Angeles Times, reports Business Week. Developers such as McCourt, according to a declaration in his divorce proceeding, “typically fund their lifestyle through lines of credit and loan proceeds secured by their assets while paying little or no personal income taxes.” A spokesman for McCourt said he also availed himself of a tax code provision at the time that permitted purchasers of sports franchises to defer income taxes.

Those who benefit from government handouts will claim this is obscene, but what is really obscene is that it is difficult, or near impossible, for most of us to pull this off.

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