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A Multi-Million-Dollar Tax Break

In 2004, Walden Venture Capital invested $9 million in the internet radio provider Pandora, which at the time was still a small tech company.

Pandora investors at the time were able to take advantage of a little-known tax exclusion on capital gains for “qualified small business stock,” which is defined in Section 1202 of the Internal Revenue Code. Walden represented Pandora as a qualified small business, promising partners a 50% reduction in taxes come payday.