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ONLY LITTLE PEOPLE PAY TAXES ON THEIR GULFSTREAMS

February 21, 2008

Actor Nicholas Cage and a corporation he owns are going to Tax Court to fight over $1.7 million in assessed taxes. The IRS reportedly asserts that Mr. Cage ran $3.3 million in personal expenses through the corporation -- expenses that included a Gulfstream 1159A. The reports say the IRS is disallowing the deductions at the corporate level and assessing the payments as "constructive dividends" on the actor's 1040.

The Tax Prof and the TaxGrrrl are on the case.

Tags: celebreties.

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