Clear Channel's McCombs Battles IRS
October 19, 2005 at 6:26 AM (PT)
CLEAR CHANNEL co-founder B.J. "RED" MCCOMBS and his partner GARY V. WOODS are battling the IRS over two partnerships that the agency has ruled shams.
FORBES MAGAZINE has reported that the ruling has prevented MCCOMBS from writing off a $34.1 million loss from currency trading and WOODS from reporting an $11.4 million loss. WOODS has already filed suit against the IRS, but MCCOMBS has not yet filed a suit. MCCOMBS and LOWRY MAYS founded CLEAR CHANNEL (then SAN ANTONIO BROADCASTING CO.) in 1972; MCCOMBS remains a member of the company's Board of Directors.