Business Services Industry
Owner of Orlando, Fla., NBA Team Is Putting Estate in Order for Heirs.
Knight Ridder/Tribune Business News, January, 2002
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Jan. 15--If you're wondering why billionaire Rich DeVos would want to sell the Orlando Magic basketball team, think two words: death and taxes.
At age 76, DeVos is looking ahead to his own death, when his heirs would be faced with an enormous federal estate tax not just for the team but also for the Michigan-based company that is the prime source of his wealth.
If they didn't have the liquid cash to meet such a tax bill, they might be forced into a sale under less-than-ideal circumstances.
"It all comes down to a tax issue," DeVos said last week, explaining his plans to seek a buyer for a National Basketball Association franchise that he says is a lot...
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