Billionaires and the middle class alike can’t hide from the IRS!!


To think you’re ever out of reach of the IRS is to think incorrectly. “Flying under the radar” is a term better left for situations not involving the IRS. Whether you’ve skipped filing a few tax returns over the years or if you posthumously owe $388 million in gift, estate and generation-skipping taxes, the IRS will eventually get what it believes it deserves.

Was that last example too specific? That’s because it belongs to a story about how the estate of Bill Davidson, the deceased billionaire owner of the NBA’s Detroit Pistons, the WNBA’s Detroit Shock and the NHL’s Tampa Bay Lightning, was forced to pay $388 million to the IRS, after losing a lawsuit to challenge an assessment of additional taxes. Davidson’s estate was tax deficiencies are broken down by $187 million in gift taxes, $152 million in estate taxes and $49 million in generation- skipping taxes.
http://bit.ly/1gnDjlc

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s