The IRS says Cowboys Owner JERRY JONES and his wife,
GENE, owe nearly $7M in back taxes from '92, plus more than
$1M in penalties, according to David Markiewicz of the FT.
WORTH STAR-TELEGRAM. The Joneses are contesting the matter
in U.S. Tax Court and their attorneys said in a statement
that it won't affect the team and that tax "disputes with
the IRS are not uncommon." The IRS claims the Joneses were
liable for $12.8M in total taxes in '92, but paid less than
$5.9M. The gap "involves differences on two key points," as
the IRS said the Joneses received a long-term capital gain
of $11.2M from their sale of 49% of the stock in Texas
Stadium Corp. to Pro Seat Limited Partnership. The Joneses
said they "did not have a reportable gain on the sale." The
IRS claims the Joneses received dividends from Texas Stadium
Corp. and its subsidiaries of around $11M, which should have
been reported as income. The Joneses state the money was a
"return of capital, which is treated differently for
computing taxes" (FT. WORTH STAR-TELEGRAM, 1/29).
