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TAXES TAKE A BITE OUT OF THE TRIB; CUBS LOSE

September 29, 2005

Fallout from the Tax Court in the Chicago Tribune today:

Tribune stock tumbles on ruling

Tribune Co. shares fell to a four-year low Wednesday as the company said it would scale back its stock repurchase plan a day after a U.S. Tax Court judge ruled against it in a $1 billion dispute.

And:

Decision may thwart some transactions

Tribune Co.'s loss in U.S. Tax Court garnered widespread attention Wednesday among corporate tax specialists because of the big dollars involved and the legal decision's potential consequences on future merger activity.

Accountants and tax lawyers were still dissecting the 135-page opinion, which was issued late Tuesday. But based on their initial readings, some speculated that the ruling could have a chilling effect on certain types of tax-free transactions, though it should not slow down the overall pace of dealmaking.

But for Tribune-owned businesses, catastrophe is just another day at the office:

Cubs aptly fail to bring it home

With raindrops falling and the ballpark half-filled Wednesday, the 2005 Cubs bid adieu to Wrigley Field in their own inimitable style.

A Nomar Garciaparra throw to second base bounced off a Pittsburgh runner's helmet and led to two unearned runs off Mark Prior. They went 0-for-8 with runners in scoring position. To cap things off, the Cubs failed to score the tying run in the ninth, despite loading the bases with no outs. Corey Patterson and Ben Grieve struck out before Jose Macias ended the game by popping out

Prior coverage:

MORE ON TRIBUNE COMPANY'S BLOWN REORG

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