Category Archives: Tax

Ole Miss Persuades Tax Court Judge to Slash Tax Bill in Half, a Tax Victory for Athletic Programs

Ole Miss successfully convinced a tax court judge to reduce the university’s tax liability by 50 percent with respect to revenue the school brought in by sending its coaches to Nike and Coca-Cola sponsored functions. In August 2015, the IRS notified the university that the income received for these appearances were taxable under IRC sections 511-513, because it constituted “unrelated business income” for exempt organizations. Ole Miss responded by filing a petition with the tax court disputing its tax liability in late 2015, arguing the…

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Hollywood’s “Raging Bull” Takes on a Small Town: De Niro Fights Property Assessment

Approximately 80 miles from New York is Gardiner, a small town of about 5,800 residents in Ulster County. It might seem an unexpected place for Academy Award-winning actor Robert De Niro to own property, but in 1997 the star of “Raging Bull” and “Taxi Driver” purchased 78 acres for $1.5 million. And now it is the site of a headline-making legal battle involving a multimillion-dollar tax assessment. The property is owned for De Niro and his family by a legal entity called the Riverside Trust.…

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Tax Situation Could Land “Jersey Shore” Star in Prison

On Wednesday, September 24, Mike “the Situation” Sorrentino of the MTV show “Jersey Shore,” appeared in court with his brother Marc to plead not guilty of  federal tax  related charges. The Sorrentinos were charged with multiple counts: conspiracy to defraud the US, filing false tax returns, and failing to file a tax return, resulting in a failure to pay for taxes on $8.9 million of income.  The brothers allegedly claimed millions in personal and business expenses including clothing, vehicles, and grooming.  The charges stem from…

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Senator Schumer Helps Broadway Get A Break

U.S. Senator Charles Schumer (D-N.Y.) is pushing Congress to support a bill giving tax breaks to the Broadway theater industry. Schumer’s bill would give Broadway theater a huge financial boost under a change in the federal tax code. His proposal, recently passed by the State Finance Committee, would allow 100 percent of any live theatre investment to be deducted up to $15 million per production. This type of tax incentive is currently granted to television and film projects, but has yet to reach live theater.…

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Dolphins Owner Proposes New Deal to Fund Stadium Renovations

Miami Dolphins owner Steve Ross has come up with a new proposal to fund the $400 million renovations to Sun Life Stadium.  Last year, Ross asked for government assistance to fund nearly all of the cost.  However, now Ross says he is willing to privately finance the renovations if the team can stop paying property taxes on the stadium. Ross has been pushing for government assistance since acquiring 95% ownership of the Dolphins in 2009.  That push was heightened in 2012 when Miami was in…

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