Auto Racing Team Owner’s Estate Sues Over Missing Tax Refund

The estate of Edwards Wachs, co-owner with actor Paul Newman of the auto racing team Newman Wachs Racing, sued the US for a $686,700 tax refund over the decedent’s 2017 and 2018 net operating losses.

Charles Wachs and Jessica Dean, the personal representatives of Edward and his wife Sharon Wachs’ respective estates, told the US District Court for the Eastern District of Wisconsin on Thursday that the IRS had failed to issue the deceased couple their requested refund following a 2020 amendment to their personal income taxes. According to the suit, the Wachs reported net operating losses of $1.12 million ...