Sale of Ed McMahon’s Home Triggers California Tax for Investor

A real estate investor who bought the Beverly Hills home of late-night television personality Ed McMahon from a foreclosure auction in 2010 is likely to face a higher California income tax bill from his 2012 sale of the property, the Office of Tax Appeals said.

Daniel A. Schryer used a single-member limited liability company to buy the house for $3.9 million after Countrywide Home Loans foreclosed on it. Before the foreclosure, in 2008, Countrywide assigned McMahon’s defaulted mortgages and deed of trust to a different ...