Kerkorian moves.Kerkotian Moves: Billionaire investor Kirk Kerkorian's Tracinda Corp. sold 12 million shares of General Motors Corp. for federal and state tax purposes. Tracinda said it is eligible for "substantial" federal and California corporate income tax savings if it incurs a capital loss Capital Loss The loss incurred when a capital asset (investment or real estate) decreases in value. This loss is not realized until the asset is sold for a price that is lower than the original purchase price.Notes: A capital loss is essentially the difference between the purchase price and the price at which the asset is sold, where the sale price is lower then the purchase price. before the end of its fiscal year, and the loss will offset certain capital gains realized by Tracinda in an unrelated transaction. The sales left Kerkorian and his investment arm with a total of 44 million shares, or a 7.8 percent stake in the automaker, down from a previous holding of a 9.9 percent investment stake.
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion