Nicholas Cage’s Deduction Claims: Gone in Sixty Seconds
Actor Nicolas Cage (whose best role - by far - was in “Raising Arizona”) has filed a petition in Tax Court disputing deficiencies alleged by the IRS.
The Oscar Winner (he won in 1995 for “Leaving Las Vegas”) has been accused of using his production company to “wrongly write off $3.3 million in personal expenses.” The IRS claims that the expenses of “limos, meals, gifts and travel”, including the expenses to maintain his personal jet, were extravagances. However, New York gossip column PageSix.com is reporting that the items were for “security needs” according to Cage’s business manager.
Apparently, Cage is disputing $814,000 in taxes and penalties and his production company, Saturn Productions, is refusing to pay the IRS $988,000. I was not able to view a copy of the petition - it is mysteriously “unavailable” on the Tax Court site.
I’ll update as I have information.
Tags: deductions, IRS, Nicholas CageRelated Stories
POSTED IN: pop culture, taxes of the rich and (in)famous
4 opinions for Nicholas Cage’s Deduction Claims: Gone in Sixty Seconds
Diane
Feb 20, 2008 at 6:54 pm
Thanks for sharing, I love to report celebrity news to othes in my company !
Richard
Feb 21, 2008 at 10:18 am
Is a copy of the Tax Court Petition available?
Kelly
Feb 21, 2008 at 10:28 am
They usually are - it’s federal court - but when you go to the docket list, it says “record not available.” You can try here: http://www.ustaxcourt.gov/UstcDockInq/asp/SearchPartyResults.asp?SubRef=10&SearchLevel=0001&LastName=coppola&FirstName=&MidInit=&State= Using Coppola instead of Cage. You’ll see the entry but can’t access it.
Richard
Feb 21, 2008 at 9:27 pm
Thanks Kelly. I had the same problem; that is why I asked. Given the fact that Forbes and a number of other news outlets were able to report some of the details on the disallowed deductions I figured the document was probably available somewhere. Let us know if it turns up somewhere. Thanks again.
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