UPDATE 1-Tracinda sold 12 mln GM shares in December--filing


(Adds details, background, closing share price) WASHINGTON, Dec 20 (Reuters) - Billionaire investor Kirk Kerkorian's Tracinda Corp. said on Tuesday that it sold 12 million shares of General Motors Corp. in December for federal and state tax purposes. Tracinda said it is eligible for "substantial" federal and California corporate income tax savings if it incurs a capital loss before the end of its fiscal year, which ends on Jan. 31, and the loss will offset certain capital gains realized ...

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