Chicago Developer’s Estate Faces $21 Million IRS Tax Dispute

The estate of an Illinois real estate entrepreneur was incorrectly slapped with $30 million in tax deficiencies and penalties, it told the US Tax Court.

The IRS erred in assessing $21.6 million in estate tax deficiencies and $8.6 million in penalties against the estate of Monte Strusiner, according to a petition to the Tax Court by his two sons, the co-executors of his estate. Strusiner, who died in 2021, was a commercial mortgage banker and co-founded a property management firm as well as a real estate development group that built extensively in the Chicago area.

Strusiner set up trusts in ...