Business

Billionaire Stephen Ross and Partners Can't Deduct $33 Million in Taxes for Land Donation to U-M, Court Rules


May 28, 2019, 12:49 PM

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Stephen Ross (Photo: YouTube video)

Even for a billionaire like businessman Stephen M. Ross -- the biggest alumni donor for the University of Michigan  --  this is real money.

The U.S. Court of Appeals in D.C. has ruled that the New York developer and his partners may not deduct as a charitable contribution $33 million for commercial land donated to the university in 2003, Melissa Nann Burke of The Detroit News reports. The ruling upholds a 2017 decision by the U.S. Tax Court and a 40-percent IRS penalty. 

The 79-year-old owns the Miami Dolphins. U-M's business school is named after him, thanks to a $100-million gift in 2004. Overall the philanthropist has given $378 million to UM, where he earned an accounting degree in 1962.

Ross, with assets valued at $7.7 billion, ranks 191st on the Forbes magazine list of billionaires. 

 


Read more:  The Detroit News


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