Robert Redford Sues New York over Sundance Channel Tax Bill

Wednesday, 06 Aug 2014 06:24 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The actor and director Robert Redford has sued New York state to stop it from trying to collect $1.57 million in personal income taxes over his 2005 sale of a stake in the Sundance Channel.

In a complaint filed on July 31 against the New York State Department of Taxation and Finance in a state court in Albany, Redford, 77, claimed he already "fully" paid state taxes on the sale in Utah, where he is a resident.

The star of "The Sting" and Oscar-winning director of "Ordinary People" said New York is effectively trying to tax him twice. He is seeking a court order to void the tax bill and recoup costs.

State tax commissioner Thomas Mattox was also named as a defendant. Geoff Gloak, a tax department spokesman, said that office does not discuss litigation. A spokeswoman for Redford declined to comment.

According to the complaint, Redford in 2005 owned an "S" corporation known Sundance TV Inc, through which he held an 85.5 percent stake in Sundance Television Ltd.

Redford said Sundance Television that year sold part of its 20 percent stake in Sundance Channel, triggering a gain that he included on his 2005 Utah tax return.

He said New York nonetheless in May sent him a bill for $845,066 in taxes plus $723,404 in interest, treating proceeds from the sale as "New York source income."

Redford said this is wrong, and that neither he nor the Sundance entities did anything in New York to trigger the bill.

He also said he had sold the rest of his Sundance Channel stake in 2008 and reported the resulting gain in the same manner, without objections from New York.

S corporations pass on profits and losses to shareholders, who then report them on their personal income tax returns.

Redford is also the founder and driving force behind the annual Sundance Film Festival, which spotlights independent films.

The case is Redford v. New York State Department of Taxation and Finance et al, New York State Supreme Court, Albany County, No. 003974/2014.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: Obama Sets Record for Presidential Memoranda

Wednesday, 17 Dec 2014 23:10 PM

From policy on gun control to immigration and labor regulations, President Barack Obama has issued more presidential mem . . .

American Jailed for 15 Years for Helping Al-Qaeda

Wednesday, 17 Dec 2014 22:13 PM

A naturalized American was jailed for 15 years in Miami on Wednesday for conspiring to provide thousands of dollars to A . . .

Gizzi: Obama Ignores Rep. Sanford on Ending Cuban Travel Ban

Wednesday, 17 Dec 2014 22:12 PM

The White House never briefed nor gave advance notice to the congressman who first introduced legislation that contained . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved