Here’s a deal that sees the transferor sign off on a deal agreed to by a transferee that just happens to be the same person.
And, there will be some money trading hands, as an AM radio station in North Carolina is being officially donated from one Edward Baker-led entity to another he serves as President of.
WSGH-AM 1040 in Lewisville, N.C., a Class D operation with 3 towers offering 9.1kw during daylight hours and 182 watts after dark to an area west of Winston-Salem, is being transferred to Positive Alternative Radio from Base Communications.
Baker is a 20% equity interest holder in PAR, parent of “Spirit FM,” a Christian radio service operating in southwestern Virginia, and in the Bluefield, W. Va., area.
The addition of a Lewisville, N.C., signal therefore marks an expansion to the Tar Heel State, and southward movement from Roanoke for “Spirit FM” and PAR.
A fair-market value of $45,000 is being assigned to the transaction for taxation purposes. Of that, $20,000 in cash is being transferred from Base to PAR. The remaining $25,000 will be claimed as a donation.
