Estate of Internet Executive Sues IRS for $48 Million Tax Refund

The estate of late Florida tech entrepreneur Peter Loftin—the founder of Business Telecom Inc., which later merged with what has become Earthlink—sued the IRS claiming it’s owed $48.2 million in overpayments.

The dispute mainly involves the years 1997 to 1999, as well as the years 2000, 2012, and 2013, the estate sayd. Loftin died in 2019, and the suit was launched by Jorian Loftin, as personal representative of the estate.

The IRS sent notice to the estate in 2020 about $125 million in tax liabilities for those six years. The estate ultimately paid the IRS a slightly larger amount, but ...