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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (103018)2/1/2008 9:00:33 PM
From: Peter VRead Replies (1) of 306849
 
I'm not a tax law expert, and I don't have all the facts, but the article says the $11 million is what he was trying to get BACK from the IRS for tax returns filed in 96 and 97.

I'm guessing he still has to pay the tax, interest, and penalties on three years of income, just like anybody else who fails to pay their taxes. I'm guessing his income was significant from 2001-2004.

I thought they were battling over only five years of tax returns, from 1999-2004, so they should be able to get 3/5 of the taxes he owes.

And let's not forget, he faces the possibility of a three year prison sentence. Last I checked, there is no parole in a federal pen.
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