[IMGCAP(1)]You probably know more about Donald Sterling and his mistresses, his infamous recording, and the proposed forced sale of his team, the Los Angeles Clippers, than you want to know. Nevertheless, as tax professionals we should be aware of the tax opportunities and issues for the Sterlings as sellers, if only to make conversation at the next tax-themed gathering we attend.
“The sale of the Clippers will likely present significant estate and income tax planning opportunities at the federal, state and local levels,” said Bradley Marsh, Chair of the Executive Committee of the Taxation Section of the California State Bar Association. “And in a transaction this highly publicized, taxing officials may be interested in challenging them as well.”
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