Appeals court says Anschutz owes $17.3M in taxes
Legal News Center
A federal appeals on Tuesday agreed with a tax court that determined Colorado billionaire Philip Anschutz owed at least $17.3 million in taxes.
The 10th U.S. Circuit Court of Appeals in Denver upheld the tax court's 2010 ruling. The court said the Anschutz Co., which Anschutz owns, is also liable for at least $77 million in taxes.
Anschutz spokesman Jim Monaghan said Anschutz already paid the taxes but appealed that he owed them. Anschutz's wife, Nancy, was also named in the case because they file tax returns jointly.
The taxes are from stock transactions in 2000 and 2001.
At issue were stock deals that were structured to spread the tax liability out over several years. Judges agreed with tax regulators that that the transactions were sales, and not pending transactions as Anschutz argued.
Such transactions executed through so called variable prepaid forward contracts and share-lending agreements are a fairly common practice by large shareholders hoping to raise money while deferring taxes, according to Robert Willens, a former Lehman Brothers director who now heads a Wall Street tax and accounting firm.
According to the court documents, the Internal Revenue Service in 2003 issued guidance on how the transactions should be structured to avoid taxes, but Willens said the IRS in 2006 issued another letter warning that the arrangements could result in taxable income. In a friend-of-the-court filing in the case, Liberty Media Corp. argued the transactions amount to loans, not sales, and that they provide an important way for companies to raise money and create jobs.
Related listings
-
Glancy Binkow & Goldberg LLP Has Filed a Class Action
Legal News Center 12/24/2011Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased common stock of Keyuan Petrochemicals, Inc. betw...
-
Mentally disabled detainees granted class status
Legal News Center 12/21/2011A federal judge has granted class-action status to a case brought on behalf of mentally disabled detainees who lack legal representation in immigration court. The order issued under seal in November by U.S. District Court Judge Dolly Gee was made pub...
-
Calif. company due in court for Colo. fire deaths
Legal News Center 12/19/2011A California specialty painting company is expected to plead guilty in the 2007 deaths of five workers at a Colorado power plant, in the rare prosecution of a company. RPI Coatings Inc. of Santa Fe Springs, Calif., is expected to plead guilty Monday ...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .