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N. Arthur Astor, owner of North County Broadcasting Corp. in Carlsbad, has been in broadcasting 60 years. He owns KFSD-AM in San Diego County and sold KCEO in March. He regularly buys and sells stations, mainly in California.

The Tax Court in Washington DC recently took up Astor's suit against the Internal Revenue Service. On its tax return for 2004, Astor's company, Aries Communications, took Astor's salary of $6,896,974 as a deduction. The IRS disallowed all but $810,000 of that. Astor sued the IRS.

The Tax Court, after going through several mathematical formulae, said Astor was deducting too much. But it permitted Astor to deduct $2,660,899, which included a fixed salary of almost $200,000 and four years for which he had taken too little as deductions.

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Comments

Burwell Nov. 19, 2013 @ 11:45 p.m.

It looks like Arthur hasn't been sitting on his Astor: he appears to have made a lot of money. He claims to own 270 antique cars and has his own private museum. The square footage and cost of storing 270 cars must be enormous. Maybe Papa Doug could help Art out and let him store some cars at U-T Headquarters. I never heard of Astor before this. It appears that there are many wealthy individuals operating businesses in San Diego that are unknown to the public.

http://www.astorclassics.com/about.html

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Don Bauder Nov. 20, 2013 @ 8:13 a.m.

Burwell: Over his long career, he has been occupied with buying and selling radio stations. I would think this would not be so remunerative today, as radio has declined considerably. He is not young; he has been in the radio business for 60 years. Best, Don Bauder

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