Tribune Cannot Reduce $ 249 Million in Cubs Sale Gains, Tax Court Says

By Theresa Schliep (Oct 26, 2021, 7:41 p.m. EDT) – Tribune Media Co. can’t cut its earnings from the Chicago Cubs sale by nearly $ 249 million because that money was equity, not debt , said the US Tax Court. Tuesday in a mixed decision for the late media giant.

The $ 249 million in funds used to finance the 2009 Chicago Cubs sale from Tribune to the Ricketts family cannot reduce the earnings the media company made from the sale, the Tax Court said in a notice of memory. A number of factors indicate that the funding was equity, not debt, for tax purposes, including the intent of the funding.

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