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Anschutz Owes Big

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The IRS says Phil Anschutz, whose Anschutz Entertainment Group (AEG) is currently developing LA Live, owes $143.6 million in capital gains taxes. "The case against Anschutz is before the U.S. Tax Court in Washington, D.C., and involves the financier's investment in Union Pacific Corp. and Anadarko Petroleum Corp. in 2000 and 2001. The deals brought Anschutz cash, returns on future increases in stock prices and a hedge against losses. The value of the deals was about $429 million." [LA Bizjournal]