The IRS is looking to seize a North Carolina tobacco businessman’s real estate to resolve a years-running tax debt that’s grown to over $24.1 million.
The government seeks to foreclose on a tax lien against Calvin Phelps and Lisa Yamaoka of Wilmington, according to its complaint filed Jan. 27 in the US District Court for the Eastern District of North Carolina. The two were involved in several defunct tobacco companies, which declared bankruptcy in 2009. Phelps was later charged with several offenses and served time in prison. The IRS had initially found they owed over $11 million in tax from ...
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