Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Steve Ballmer May Get $1 Billion Tax Break on Clippers Purchase

Los Angeles Clippers Fan Festival

 

Former Microsoft CEO Steve Ballmer, who shelled out $2 billion for the Clippers after owner Donald Sterling’s fall from grace, may get a $1 billion tax break on his transaction. Ballmer raised eyebrows when he paid quadruple what other highest-paying owners have for the team, but the tax break may make it all worthwhile, according to HuffingtonPost.

If Ballmer uses the not well known “goodwill” tax break, he could cut 50% from his purchase. Even without the break, Ballmer thinks buying the Clippers was a good investment. He says his money is better spent on the team than in an S&P fund, has less downside, and compared to tech stocks, has more real earnings.

Sports teams often have generous tax credits. For instance, the NHL and the NFL are registered as tax exempt. While the NBA is not tax-exempt, it has profitable deals with Disney, which owns ESPN and Time Warner.

 

 

Click to comment

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Advertisement