A set of trusts are liable for more than $35 million in taxes and penalties because they’re transferees responsible for an IRS bill owed by an entity to which they sold assets that later conducted abusive tax shelter transactions to evade liability.
The Dillon Trust Company LLC trusts are liable for those taxes and penalties because they are considered transferees for tax collection under federal law, the US Court of Federal Claims said Wednesday.
Tax code Section 6901 allows the IRS to collect taxes from a party other than the original taxpayer who owes if they are “transferees” of the ...
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