One for the sharp-pencil readers: Blackstone's sweet tax deal
When I went through Disney's Traditions orientation sessions for new hires, trainers told us stories of Walt's ongoing battles with what he called the "sharp pencil guys," the accountants who wanted to cut expenses when building Disneyland and nickel-and-dime the guests once they arrived.
Well, if the sharp pencil guys taketh, the sharp pencil guys can giveth, too. Check out today's "Must Read" from Josh Marshall's outstanding blog, Talking Points Memo:
Blackstone finds IRS tax loop
Blackstone, of course, is NBC Universal's partner in the Universal Orlando Resort and the primary investor in Merlin Entertainment Group, the owner of the Tussauds and Legoland theme parks.
The gist of the article? That Blackstone eventually will get tax deductions worth more than the multi-billion tax bill it paid by going public last month. Why? By writing off the eroding value of its companies' "good names" after the companies' sale.
Hey, maybe the "sharp pencil guys" on the site can explain it. ;-)
Way to stick it to the man.
Interesting rebuttal to the NYT-initiated scandal from Blackstone:
I think I'll save them the trouble of reporting my ticket price as income and not visit any of their facilities.
I'm an accountant, but it's always difficult to distill things like this down to a point where you can talk about it without writing a book while still being clear (especially to non-accountants) but here goes.
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