TAX TUNE UP 012: This is Spinal Tax

The 1984 hit This is Spinal Tap made countless millions. So how did the producers get away with showing a combined income of only $179 across two decades?

Key Takeaways:

[:20] In 1984, the documentary This is Spinal Tap became a big hit.

[1:15] This is Spinal Tap cost $2.5 million to make, but it became a cult classic and made countless millions.

[1:37] The co-creators of the movie reported a combined income of only $179 between 1984-2006. This has sparked a lawsuit.

[2:22] How do the movie producers shield their income?

[3:42] This lawsuit is not the first time that someone has challenged Hollywood’s accounting games.

[4:27] For the most part, the IRS doesn’t care about producers shielding income because someone else will pay.

[4:52] Call Financial Gravity when you’re ready to stop wasting money on taxes that you don’t have to pay.