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Wednesday, December 28, 2011

DOJ Sues Hal Steinbrenner for Return of 'Erroneous' $670k Tax Refund

HalBloomberg, Yankees Co-Owner Harold Steinbrenner Target of U.S. Suit Over Tax Refund:

New York Yankees co-owner and managing partner Harold Steinbrenner was sued by the U.S. Justice Department over an “erroneous” $670,494 tax refund he received in 2009. The complaint, filed Dec. 27 in Tampa, Florida federal court, seeks to reclaim the funds issued to Steinbrenner on Dec. 28, 2009. The refund stemmed from disputes between Steinbrenner and the IRS over the 2001 tax year and audits of the Major League Baseball team’s parent company for 2001 and 2002, according to court papers.

According to the complaint, Hal Steinbrenner paid his taxes in 2008, and then filed an amended 2001 tax return in 2009 seeking a refund because of a $6.8 million net operating loss carried back from 2002. The IRS paid the refund -- and then said that the refund claim should have been filed by March 1, 2009, more than five months before Hal Steinbrenner sought the refund.

http://taxprof.typepad.com/taxprof_blog/2011/12/doj-seeks-.html

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