IRS Settles $28 Million Dispute Involving Frozen Bahamas Trusts

A man who owes more than $28 million to the IRS resolved a dispute with the agency that led to a court freezing his family’s trust accounts in the Bahamas.

Burt Kroner has settled a lawsuit that centered on whether he and his family could move money out of their Bahamian trust funds, according to a filing with the the US District Court for the Southern District of Florida. Earlier this year, that court granted an injunction to the IRS that partially froze these overseas accounts.

• Kroner’s tax bill dates back to 2005, when he began transferring nearly $18 million ...