Michael Hiltzik of the LOS ANGELES TIMES reports that thanks to complex financial manuevering, including questionable losses on real estate property, the Jamie and Frank McCourt paid zero in federal and state income taxes last year.
The McCourts, who own the Los Angeles Dodgers (so she says; he says he’s the owner and she’s not), jointly pocketed income totaling $108 million from 2004 through 2009, according to documents Jamie McCourt recently filed in the couple’s divorce case in Los Angeles County Superior Court.
On that sum, they paid zero federal and state income tax. Jamie suggests that some tax breaks will apply this year too.
Let me know if you’ve heard this one before: the allegedly legal tax scheme was primarily designed to prop-up the McCourts embarrassingly overextended, leveraged lifestyle. Read more…