Tuesday, June 3, 2014
As I have previously discussed, an agreement has been reached for former Microsoft CEO Steve Ballmer to buy the Clippers for $2 billion, and Donald Sterling is expected to face a huge tax bill as a result. As previously estimated the tax bill is projected to be high, and now with more information the specific numbers projected will total $662 million. This is about one-third of the profits from the sale.
See Bill Bischoff, Donald Sterling Faces $662 Million Tax Bill, Market Watch, June 1, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.