NEW YORK, July 14 (Xinhua) -- Blackstone Group denied a Friday's report of The New York Times on its tax situation, saying the article was "filled with inaccuracies, myths, and misrepresentations."

    In an announcement released on late Friday, Blackstone said the front page article gave a false impression of Blackstone's tax situation and that of its partners.

    "Blackstone is not in any way taking advantage of tax loopholes, but rather is using a standard tax method used widely by private and public companies when business assets are sold," said the private equity firm.

    In the story "Tax loopholes sweeten a deal for Blackstone," The New York Times said Blackstone has devised a way for its partners to effectively avoid paying taxes on 3.7 billion dollars, the bulk of what it raised last month from selling shares to the public.

    "In fact the Blackstone partners will pay taxes on every dollar they receive from the initial public offering at a normal capital gains rate," Blackstone argued in the announcement available on the group's website on Saturday.

    "The Times further alleged that the partners at Blackstone would receive benefits from the government in excess of the taxes being paid on the sale of interests, which is completely inaccurate," said the announcement.

    "The partners will not obtain any tax credits or payments from the government, as was alleged by the Times," it added.

    The article failed to mention that Blackstone partners will pay taxes on all of the future payments, which constitute taxable income, said Blackstone.

    Blackstone launched its IPO at price of 31 dollars per common unit with the total value at 4.1 billion dollars last month. Its common units already traded on the New York Stock Exchange.