Summary Box: Empire State IPO carries tax issues

Associated Press Published: April 9, 2012
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TAX LIABILITY: Many investors who have a stake in the Empire State Building may face a hefty tax bill under a planned initial public offering for the company that owns the Manhattan skyscraper.

DIFFERENT TERMS: Under the plans for the offering, Malkin Holdings LLC, which runs the building, would be allowed to trade some of its interest the new company for operating partnership units. But most other investors would get stock and face a heavier tax burden.

IPO: Malkin Holdings filed plans in February to raise up to $1 billion by selling stock in the new company.