Author Topic: Donald Sterling (Read 14406 times)

churnbabychurn · « **Reply #100 on:** May 04, 2014, 11:53:06 AM »

Forcing him to sell is causing him a massive tax liability. That's just wrong imho

Deal Guy · « **Reply #101 on:** May 04, 2014, 03:03:32 PM »

Quote from: skyguy918 on May 04, 2014, 10:31:34 AM

Now that it's come out Sterling supposedly has cancer, it's pretty clear that tying this all up in court is the right move financially. He's 80 years old and has cancer. If he holds on to the team till he dies, that saves his heirs more than $300 million in taxes.

Why? No inheritance taxes?

henche · « **Reply #102 on:** May 04, 2014, 03:12:30 PM »

Quote from: Deal Guy on May 04, 2014, 03:03:32 PM

Why? No inheritance taxes?

Basis is reset to FMV when you die.
To offset part of estate tax.

Deal Guy · « **Reply #103 on:** May 04, 2014, 03:20:01 PM »

Quote from: henche on May 04, 2014, 03:12:30 PM

Basis is reset to FMV when you die.
To offset part of estate tax.

gotchya

barrytuneup · « **Reply #104 on:** May 04, 2014, 04:08:19 PM »

what he said is not terrible and probably true!! Most (90% of crime is committed by them (blacks) Admit it people. Remember Yankel. Still true. The liberal media is most of the problem. I used to live in lower Manhattan with them (1970's-1990's)My two sons were harassed every day in Public school. had to take them out. (I am a conservative Jew with brains). They have great jobs now and a great life, but still suffer emotionally from those days. We finally got enough money to move upstate and start a new life in a "white area". They (blacks) are the reason the far suburbs exist. Look at Astorino running for governor of NY, has continuously delayed the Fair and Affordable Housing act by 12 years and had Westchester County even turn down their funding. Because he knows his constituents moved to Westchester to escape the Bronx and upper Manhattan and all the other black areas. Admit it people. Are the orthodox in Williamsburg or anywhere else going out in the dark at night alone? You can't admit I am right. Every newspaper article that shows crime against whites and Jews by blacks makes me think that I couldn't have made a better decision by moving. It's getting worse with DeB. and Bratton. Oh and don't forget the knockout punches directed at Jews. So Sterling is right on.

Freddie · « **Reply #105 on:** May 04, 2014, 04:53:11 PM »

Quote from: barrytuneup on May 04, 2014, 04:08:19 PM

what he said is not terrible and probably true!! Most (90% of crime is committed by them (blacks) Admit it people. Remember Yankel. Still true. The liberal media is most of the problem. I used to live in lower Manhattan with them (1970's-1990's)My two sons were harassed every day in Public school. had to take them out. (I am a conservative Jew with brains). They have great jobs now and a great life, but still suffer emotionally from those days. We finally got enough money to move upstate and start a new life in a "white area". They (blacks) are the reason the far suburbs exist. Look at Astorino running for governor of NY, has continuously delayed the Fair and Affordable Housing act by 12 years and had Westchester County even turn down their funding. Because he knows his constituents moved to Westchester to escape the Bronx and upper Manhattan and all the other black areas. Admit it people. Are the orthodox in Williamsburg or anywhere else going out in the dark at night alone? You can't admit I am right. Every newspaper article that shows crime against whites and Jews by blacks makes me think that I couldn't have made a better decision by moving. It's getting worse with DeB. and Bratton. Oh and don't forget the knockout punches directed at Jews. So Sterling is right on.

I'm sorry you were traumatized by black people. But you do realize that you sound like a wacko, don't you?

barrytuneup · « **Reply #106 on:** May 04, 2014, 05:06:16 PM »

could be, but doubtful. I have no problem in parking lots and restaurants at night where I am. And I can be happy of my surroundings.

Centro · « **Reply #107 on:** May 23, 2014, 01:32:36 PM »

Donald Sterling agrees to let wife sell Los Angeles Clippers: reports on.mktw.net/1tu3WXz

Freddie · « **Reply #108 on:** May 30, 2014, 03:23:41 AM »

Quote from: Freddie on April 30, 2014, 05:04:59 PM

Now that you bring him up, man... that guy is cracked. Forget about him being a racist. That's just one manifestation of his looniness. It's mamash sad to see him operating all demented like that. I wonder with these billionaire guys who are stupid and/or crazy, how they managed to get rich. But becoming rich (besides for sometimes being just "luck") is a very specific kind of intelligence. One can be good that one thing and also be a shoitah in all other areas.

Some of you guys harassed me for saying that Sterling is mentally incompetent.
http://www.usatoday.com/story/sports/nba/clippers/2014/05/30/donald-sterling-mental-health-shelly-los-angeles-sale-steve-ballmer/9754549/

Please, I know what I am talking about. Maybe now you'll trust me, at least on stuff like this.

AJK · « **Reply #109 on:** May 30, 2014, 10:27:51 AM »

Oh, yes, we'll make sure to come back to you for your expert opinion the next time an NBA franchise owning billionaire makes allegedly racist comments while being duped by his vindictive girlfriend with a tape recorder. I'm sure your phone will be ringing off the hook.

Freddie · « **Reply #110 on:** May 30, 2014, 02:11:15 PM »

Quote from: AJK on May 30, 2014, 10:27:51 AM

Oh, yes, we'll make sure to come back to you for your expert opinion the next time an NBA franchise owning billionaire makes allegedly racist comments while being duped by his vindictive girlfriend with a tape recorder. I'm sure your phone will be ringing off the hook.

And don't you forget it!

rots5 · « **Reply #111 on:** May 31, 2014, 07:01:06 PM »

whatsapp: 16 billion
Los Angeles Clippers: 2 billion...

TimT · « **Reply #112 on:** May 31, 2014, 10:08:47 PM »

Quote from: rots5 on May 31, 2014, 07:01:06 PM

whatsapp: 16 billion
Los Angeles Clippers: 2 billion...

They sure did punish him. A few months ago the team wasn't worth close to 2 bil. Everyone was jumping over each other to buy it. Oh, he also filed a $1 billion lawsuit.

churnbabychurn · « **Reply #113 on:** June 01, 2014, 02:29:11 PM »

http://www.breitbart.com/Breitbart-Sports/2014/05/30/Accountant-Sterlings-Will-Owe-Roughly-662M-in-Capital-Gains-Taxes-if-Clippers-Sold-for-2B

henche · « **Reply #114 on:** June 01, 2014, 03:22:10 PM »

Quote from: churnbabychurn on June 01, 2014, 02:29:11 PM

http://www.breitbart.com/Breitbart-Sports/2014/05/30/Accountant-Sterlings-Will-Owe-Roughly-662M-in-Capital-Gains-Taxes-if-Clippers-Sold-for-2B

Think he could tayna involuntary conversion? Under 1033?

Suppose he buys a team in a different country?

Yordai Dooma · « **Reply #115 on:** June 01, 2014, 03:34:15 PM »

Quote from: churnbabychurn on June 01, 2014, 02:29:11 PM

http://www.breitbart.com/Breitbart-Sports/2014/05/30/Accountant-Sterlings-Will-Owe-Roughly-662M-in-Capital-Gains-Taxes-if-Clippers-Sold-for-2B

Sure is alot of money but then again its no different than any other long term capital gain. Shame it didnt happen last year or he would have saved alot of money

AJK · « **Reply #116 on:** June 01, 2014, 04:15:19 PM »

Quote from: David on June 01, 2014, 03:34:15 PM

Sure is alot of money but then again its no different than any other long term capital gain. Shame it didnt happen last year or he would have saved alot of money

The issue is the forced sale, not that it's a different type of capital gain.

Had he not been forced to sell, and he had held the team until death, his heirs would have received the team at a stepped-up cost-basis established at the time of his death, literally saving him $600MM+.

henche · « **Reply #117 on:** June 01, 2014, 04:20:52 PM »

Quote from: AJK on June 01, 2014, 04:15:19 PM

The issue is the forced sale, not that it's a different type of capital gain.

Had he not been forced to sell, and he had held the team until death, his heirs would have received the team at a stepped-up cost-basis established at the time of his death, literally saving him $600MM+.

@david IOW your yorshim don't pay cap gains on stuff they inherit, to make up for fact that they pay estate tax.

So yes, if he had died in 2010 it would have been the most tax efficient.

churnbabychurn · « **Reply #118 on:** June 01, 2014, 04:34:37 PM »

Quote from: henche on June 01, 2014, 03:22:10 PM

Think he could tayna involuntary conversion? Under 1033?

Suppose he buys a team in a different country?

He has plenty of toyanim...

skyguy918 · « **Reply #119 on:** June 01, 2014, 07:52:03 PM »

Quote from: TimT on May 31, 2014, 10:08:47 PM

They sure did punish him. A few months ago the team wasn't worth close to 2 bil. Everyone was jumping over each other to buy it. Oh, he also filed a $1 billion lawsuit.

Even without this incident, if he would have announced out of the blue that he was entertaining offers, he'd have ended up with the same kind of deal.