Better See Red!

[Nbadan]

McCombs loses in Supreme Court
By Patrick Danner | December 3, 2013 | Updated: December 3, 2013 1:15pm

SAN ANTONIO —

The IRS can impose severe financial penalties on San Antonio billionaire B.J. “Red” McCombs and a business partner over what it called a sham tax shelter, the Supreme Court ruled Tuesday.

The Supreme Court unanimously upheld the IRS' 40 percent penalty against McCombs and partner Gary Woods.

A call to Woods, McCombs Enterprises president, was not immediately returned.

McCombs and Woods participated in a tax shelter designed to generate large paper losses to reduce their taxable income in 1999. McCombs, who was owner of the Minnesota Vikings at the time, was expecting high income from the expansion of the National Football League, Bloomberg News previously reported.

McCombs and Woods claimed losses of more than $45 million from two partnerships, even though they contributed about $3.2 million to the partnerships.

Read more: http://www.chron.com/business/local/...php?cmpid=hpbn

Red trying to pull a fast one on the IRS. I wonder if he'll campaign against the judges on the wealthy friendly 5th court of appeals.
Here is a link to the actual opinion. http://www.supremecourt.gov/opinions...2-562_k5fl.pdf

[baseline bum]

Richest owner the Spurs ever had, but the cheapest one too. Drossos went out and spent money to get guys like Gilmore and Mitc to try to get the Spurs over the hump in the early 80s. Wasn't enough to beat a prime Kareem and a prime Magic, but he did all he could to bring San Antonio a le. And then Holt has been an incredible owner, stepping to the plate to resign Parker and Ginobili and even guys like Jefferson too (too bad he was such a disaster). Holt has spent the money to keep this team compe ive since the second he bought it. Meanwhile rich ass McCombs let Strickland walk for nothing, breaking up an incredible young core the team had. He didn't want to spend the money to get in on the Barkley sweepstakes (Philly got Hornacek and crap for him). He came close to salary dumping David Robinson.