Both the buyer and seller of the Grizzlies lost out on a $10.7 million tax deduction.
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Heisley sought to claim a tax deduction for the deferred compensation, but yesterday the U.S. Tax Court. Why? Deferred compensation is deductible only in the year in which the beneficiaries of the deferred compensation receive it. In this instance, Randolph and Conley had not received the compensation in the year in which the sale took place.
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