'Sundance Kid' Robert Redford suing New York State over taxes
By Catholic Online (NEWS CONSORTIUM)
8/7/2014 (3 years ago)
Catholic Online (https://www.catholic.org)
The actor who immortalized the Sundance Kid in "Butch Cassidy and the Sundance Kid" has got his dander up. He claims that he already paid taxes in Utah over the sale of his Sundance Channel - and that he doesn't owe any more money. In response, he has filed a lawsuit against New York State.
Actor Robert Redford claims that he already paid taxes in Utah over the sale of his Sundance Channel - and that he doesn't owe any more money.
LOS ANGELES, CA (Catholic Online) - The actor-director has filed a lawsuit against the New York State Department of Taxation and Finance in Albany County Supreme Court. The suit, filed July 30, claims that he's being overtaxed on money his company made when it sold off a stake in the channel in 2005.
According to Courthouse News Service, Redford is being taxed $1.6 million by New York ($845,066 in taxes plus $727,404 in interest owed) on the money he made. A resident of Utah, Redford says he paid taxes on the revenue in Utah and therefore doesn't owe New York.
He is seeking "a declaratory ruling on a pure question of law concerning the constitutionality of imposing on plaintiff, a nonresident of the State of New York, a personal income tax on the gain derived from the sale of an ownership interest in a limited liability company," according to the complaint.
The lawsuit deals with the nuances of an "S corporation." The corporation isn't owned by a large amount of stockholders, but is closely held with profits passing to individual owners. These owners, in turn, report profits and losses on their own individual income tax.
Redford says he did that on his own personal tax returns in Utah from 2005. Redford is currently concerned about double taxation if forced to account for the passive S Corporation that once controlled Sundance Channel. Redford's complaint paints his corporate assets as not holding "any property, payroll or receipts, located in or deemed attributable to the conduct of a trade or business in New York."
Redford is asking for a judgment that he doesn't owe the money, plus attorneys' fees and costs.
Redford and his Sundance Channel partners NBCUniversal and CBS Corp. sold Sundance Channel to Cablevision's Rainbow Media in 2008. The network was later spun off and renamed AMC Networks, in a $496 million deal. The network was rebranded as SundanceTV earlier this year.
Copyright 2018 - Distributed by THE CALIFORNIA NETWORK
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