Hilton Gets Favorable IRS Ruling: The Internal...

Hilton Gets Favorable IRS Ruling: The Internal Revenue Service ruled favorably on the tax treatment of a compromise settlement last November dividing a 28% interest in Hilton Hotels, the Beverly Hills-based hotel and casino chain said. The shares, left by founder Conrad N. Hilton, will be split between his son, Barron Hilton, who is the firm’s chairman and chief executive, and the Conrad N. Hilton Foundation. Conrad Hilton died in 1979 at 91. The ruling will allow distribution of the shares within a few weeks. Under the settlement Barron Hilton’s voting power in Hilton Hotels will increase to about 35%.