Billionaire Denied Deduction for Private Air Travel (Correct)

Billionaire investor Scott L. Schleifer wasn’t entitled to deduct $5.9 million in air travel expenses as a business loss, nor can he sue for that deduction as an unreimbursed partnership expense, a federal court ruled.

Schleifer is a former senior adviser and co-founder of the private equity investing arm of Tiger Global Management—an early investor in Facebook and Spotify—and he held his business travel assets through a separate entity he owned, called SLS Travel LLC. “Because SLS was not operated as a trade or business with the primary purpose of generating income, Plaintiffs are not entitled to a deduction ...