Blackstone partners: Reverse taxation

Blackstone Partners partners paid a 15% capital gains rate on the shares they sold last month in the $3.7 billion IPO, but also arranged to get deductions for $3.7 billion worth of “goodwill” for their assets, at a 35% rate, amortized over 15 years. The net result? Blackstone gets to pocket an additional $553 million, and possibly another $200 million over time!

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