Wednesday, July 8, 2015
Estate of Former Detroit Pistons Owner Settles $2.8 Billion Gift, Estate & GST Deficiency Claim For 11 Cents On The Dollar
Following up on my previous post, IRS Hits Estate of Former Detroit Pistons Owner With $2 Billion Tax Bill: the IRS settled for $320 million of the $2.8 billion in gift, estate, and Generation-skipping taxes it sought from the estate of William Davidson, the former owner of the Detroit Pistons. Estate of Davidson v. Commissioner, No. 13748-13 (July 6, 2015).
Born in Detroit, Davidson built Auburn Hills-based Guardian Industries into one of the world’s leading makers of glass, automotive and building products. He went on to own the Detroit Pistons, the WNBA’s Detroit Shock and NHL’s Tampa Bay Lightning. He died March 13, 2009, at age 86, with a net worth estimated at more than $3 billion.
- Crain's Detroit Business, Report: Davidson Estate to Pay $388 Million in IRS Settlement
- Detroit Free Press, IRS Takes More Than $300M Bite From Davidson Estate
- Detroit News, Judge: Former Pistons Owner's Estate Owes IRS $388M
- Forbes, IRS Grabs $388 Million From Billionaire Davidson Estate