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Bloomberg: Seahawks’ Sale Price Could Take a Hit After IRS Denies Tax BreakOctober 24, 2018
If the Seattle Seahawks and Portland Trail Blazers are put up for sale following Paul Allen’s recent death, their value could be significantly lower than expected following a recent Internal Revenue Service (IRS) rule barring tax breaks for sports franchise owners. “It is clear that these are relatively sophisticated buyers and that tax planning does weigh heavily,” tax partner Arthur Hazlitt comments. He estimates that the IRS rule could cause bidding at tens of millions of dollars less than their expected value. To read the full article, click here.