The New York Times has obtained tax-return data extending over more than two decades for Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. He paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
The new streamlined application process for becoming a 501(c)(3) might help nonprofit news startups — at least small ones — get off the ground more quickly.
Data Can Help Preserve M&A Tax Advantages
An IRS challenge to the practice of using like-kind exchanges to lower tax exposure in a transaction involving the swap of radio stations underscores the need to provide qualitative data in order to demonstrate the exchange involves properties of equal value.
CBS gets the OK to convert its billboard business into a real estate investment trust, which will save it a bundle on taxes later this year when it unloads the 81% interest it still has in the outdoor business. CBS shares are up 1.6% while CBS Outdoor Americas — the billboard company that the broadcaster spun off early this month — is up 6% following the ruling.
The IRS and local tax authorities are likely seek more than half a billion dollars from Tribune Co. in regard to the sales of the Chicago Cubs baseball team and Long Island, N.Y., newspaper Newsday under former CEO Sam Zell.
