I will have to go back and look at the info I had...

I will have to go back and look at the info I had...
by Kbyrnes (2024-01-21 02:11:10)

In reply to: I don’t think people understand the Sox ownership structure posted by sprack

...which is now about 10 years old. I understand that as manager of the GP entity he holds a minority stake but has management control, and that there are various limited partners. In any case, the net profit from their collective ownership has to go somewhere, and as I've noted before, the lease for the stadium is very, very favorable for the White Sox. Officially, like many MLB clubs, they say they lose money, but I find this hard to believe in any practical sense. I would guess it's more like someone who owns rental property, like a 16-flat. On your tax return, up top, you have gross rental income and then any miscellaneous income (like laundry or tenant services). Then you have operating expenses related to the real estate, including debt service. For most owners there is gross profit at this point; but then you get to take depreciation, which doesn't literally take cash out of your pocket for the year in question, but for many smaller-scale real estate owners it helps them declare a loss for tax purposes.

My first job I helped on audits of some Habitat Co buildings

McHugh Construction was our largest client, and they partnered with Habitat in construction of some high rent apartment buildings in the city (or something like that). In any case we did some audits relating to ownership of those buildings.

This was before the Tax Reform Act of 1986, so it was even more "open" than it is today for taking investment losses on real estate to reduce taxes.

The most interesting thing was the list of investors. Three I remember specifically in some of the buildings were Jerry Lewis, Buddy Hackett, and Sammy Davis, Jr. I can tell people that now, but back then my boss said not tell anyone who the investors were, and he meant *anyone* outside the firm, friends, family it didn't matter.