BOSTON CELTICS SHARES DROP AFTER TAX STATUS CHANGES.Byline: Rachel Layne Bloomberg News Boston Celtics LP's partnership units fell 42 percent Thursday after the publicly traded professional basketball team reorganized to reduce taxes following expiration of its tax-free status. The newly issued Celtics units fell 6-7/8 to 9-1/8. They didn't trade Wednesday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , though they were indicated all day to trade between 4 and 5, an NYSE NYSE See: New York Stock Exchange spokeswoman said. Under federal rules for limited partnerships, the team had tax pass-through status, so taxes fell on the unit holders. That status expired Tuesday, and the partnership that owns the team reorganized into two partnerships - a public one, taxable as a corporation, and a private one. The Boston Celtics have won 19 National Basketball Association National Basketball Association (NBA) U.S. professional basketball league. It was formed in 1949 by the merger of two rival organizations, the National Basketball League (founded 1937) and the Basketball Association of America (1946). titles - more than any other team. It was the only professional sports The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. team with its own publicly traded stock until the Cleveland Indians Co., representing the Cleveland Indians Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation). Major League Baseball (MLB) is the highest level of play in North American professional baseball. team, sold shares to the public last month. |
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