IRS hits Sam Wyly, late brother's estate with $3.2 billion tax bill
The Internal Revenue Service has issued what is believed to be a record $3.2 billion tax bill against Dallas entrepreneur and philanthropist Sam Wyly and the estate of his brother, Charles Wyly.
The IRS, in court documents filed late Wednesday in U.S. Bankruptcy Court in Dallas, claims that Sam Wyly owes $2.03 billion in back taxes, penalties and interest from income generated from trusts the brothers established on the Isle of Man more than two decades ago.
The federal tax agency said the estate of Charles Wyly, who died in 2011 in a car crash in Aspen, Colo., owes $1.2 billion.
More than 75 percent of the $3 billion is penalties for not filing the appropriate forms with the IRS and interest that has collected on the penalties and unpaid taxes.
Read more: http://www.dallasnews.com/business/headlines/20150416-irs-hits-sam-wyly-late-brother-s-estate-with-3.2-billion-tax-bill.ece
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