Pabst Beer Billionaires Owe Tax on Company’s Sale, California Says

Trusts owned by the family that sold the Pabst beer company owe California $3.5 million in incomes taxes, according to the state.

The trusts, headed by billionaire investor C. Dean Metropoulos, must pay state income tax on their share of a $607 million gain from the family’s sale of the beer company in 2014, the California Office of Tax Appeals said.

The Evan D. Metropoulos 2009 Trust and the 2009 Metropoulos Family Trust owe $2.3 million and $1.2 million, respectively, on their income from the sale of shares in Pabst Holdings Inc., a subsidiary ...