Wednesday, March 26, 2008

Tribune Employees May Need to Refile Taxes




Dear Tribune Employee:

As you know, you were cashed out of your Employee Stock Purchase Plan (ESPP) shares upon close of Tribune’s going-private transaction in Dec. 2007. IRS rules consider the sale of ESPP shares held less than two years to be a “disqualifying disposition”. This means the 15 percent discount you received when you purchased these shares is treated as ordinary income for tax purposes.

Unfortunately, Computershare made an error in its data that was included on your W-2 you received for filing your taxes. Your W-2 either does not include the disqualifying disposition amount, or it includes only a portion of the amount that should have been included in Box 1 (wages, tips and other compensation) on your W-2.

If you’ve already filed your taxes, Computershare will reimburse you for the additional amount you must pay to your tax preparer to amend your taxes. To receive a reimbursement, please mail a copy of your invoice from your tax preparer to:

Computershare
118 Fernwood Avenue
Edison, NJ 08837
Attn: Christine Triolo

If you have any questions, please call Computershare at 866-571-2091 from 8 a.m. to 7 p.m. on any NYSE business day.

Please accept our sincere apologies for the inconvenience our inaccuracies have caused for you.

Sincerely,

Computershare Plan Managers

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