ATLANTIC CITY--A group headed by billionaire investor Carl Icahn that is buying Atlantic City's Tropicana Casino and Resort will get a tax break if it sells the casino within the next few years.

The New Jersey Casino Control Commission approved a restructured purchase agreement that will save the new owners from a big tax bill if they resell it quickly.

The reorganization under the federal tax code allows the Icahn group to acquire Tropicana through a stock transaction.

The original plan called for swapping $200 million of the casino debt in return for the gambling hall.

The move sets the tax value of the Tropicana at $700 million instead of $200 million, although the purchase price will remain
$200 million.

The sale should close in December or January.

(Copyright 2009 by The Associated Press. All Rights Reserved.)