Steinbrenner checks out

http://www.latimes.com/sports/la-spw-st ... 9338.story . RIP.

What is impressive is the big fat check that IRS will not get! The family keeps some serious cash.

George timed it right. After the Yankees won a World Series, and his heirs won't have to pay taxes.
Nothing like buying a 10 million dollar team and turning it into a billion dollars.

SS109 wrote: George timed it right. After the Yankees won a World Series, and his heirs won't have to pay taxes.
Nothing like buying a 10 million dollar team and turning it into a billion dollars.

Not as true as you would think. Yes, they get the assets "tax free" today, but if they ever sell any of assets, they will pay capital gains on George's basis. They don't get stepped up valuation from date of death. They might have been better off to pay them now before our govt. cranks up the capital gains taxes over the next few years.

Or, the family can elect a "six month basis" rule and value the estate six months after his death. The way Obama and company are taking this country, the estate may be worth less in 6 months!

The family can also take the "carryover basis" and spend some time setting up certain charitable trusts, retain control of the assets (under certain circumstances) and potentially never have to pay any capital gains taxes, while enjoying some current tax deductions.

Better enjoy that before Congress closes that! They want to be the only charity.