Al Davis: Estate Tax Consequence?
This is an interesting article I found about a possible estate tax consequence concerning Al Davis' ownership of the Oakland Raiders. Begin reading below:
Posted on Forbes.com October 8th
Estate Of Al Davis Could Face Huge Tax Bill On Oakland Raiders
The estate of Al Davis could potentially face big inheritance taxes on the Oakland Raiders.
Al Davis, who died today, bought a 10% interest in the Oakland Raiders for $18,500 in 1966 and increased his stake to 67% over the years before selling 20% of the NFL team for $150 million in 2007. The Raiders are currently worth $761 million by our count. The ownership of the team is being left to the late owner’s wife, Carol.
But Davis’ son, Mark, who has been involved in some business aspects of the football team but is not listed in the team’s media guide, is going to run the team and he could be face hundreds of millions of dollars of taxes based on the price appreciation of the Raiders if his mother, Carol, eventually leaves the team to him ... < continue reading at Forbes.com >