Welcome
Daily Tax Report: State

Media Investors Face $52 Million in Tax Liabilities After Sale

Jan. 13, 2020, 10:25 PM

Investors connected to the sale of Wisconsin media assets owe about $52 million in tax liabilities.

The bill combined unpaid taxes, a penalty, and a tax addition connected to the sale of stock from Shockley Communications Corp., which owned TV and radio stations in Wisconsin and Minnesota.

However, the IRS couldn’t impose a $10.2 million addition under Section 6651(a)(2) because the IRS conceded it wasn’t appropriate, or another addition under Section 6651(a)(3) because the record indicated the addition was raised for the first time in an IRS brief, according to the U.S. Tax Court’s Monday ruling...

To read the full article log in. To learn more about a subscription click here.