Cebu_4_2
8th July 2015, 03:58 PM
Well ain't that a bitch, Jews will take other Jews down... Look at that hooknose!
Judge: Former Pistons owner's estate owes IRS $388M
http://www.gannett-cdn.com/-mm-/09b91b1ab183b9c2e5563b1af37b4617c769c150/c=152-26-815-689&r=1024x1024&r=26&c=26x26/local/-/media/DetroitNews/USATODAY/2014/09/11/1410472469000-Lauren-Abdel-Razzaq.png Lauren Abdel-Razzaq (http://www.detroitnews.com/staff/27327/lauren-abdel-razzaq/), The Detroit News 3:22 p.m. EDT July 8, 2015
http://www.gannett-cdn.com/-mm-/0219340b752647afc2e17860ec12ddbe10329d78/c=44-0-779-980&r=537&c=0-0-534-712/local/-/media/2015/07/08/DetroitNews/B99286604Z.1_20150708152146_000_GUFHV1AF.1-0.jpg
(Photo: Brandy Baker / Detroit News)
The IRS is claiming nearly $388 million from the estate of former longtime owner of the Detroit Pistons Bill Davidson.
That amount is far less than the $2.8 billion deficiency the IRS had originally claimed in estate, gift and generation-skipping taxes.
The decision, which was filed in the U.S. Tax Court on Monday, was two years in the making. That's when Davidson's estate took the IRS to court to dispute the amount owed.
According to documents filed with the court, the deficiencies include $186.6 million in gift taxes, $152.5 million in estate taxes and $48.6 million in generation-skipping taxes.
In addition, Davidson's estate was assessed a $132.9 million fee for the gift tax deficiency.
Davidson, who was 86 when he died in 2009, parlayed ownership of Guardian Industries glass company into a sports empire that once included the Pistons, Shock, Tampa Bay Lightning hockey team and Detroit Fury arena football team. He also was a world renowned philanthropist who gave heavily to Jewish and Israeli causes.
Davidson's 19-page will, signed one week before his death, broke his estate estimated at more than $1 billion into several trusts and names three beneficiaries: his wife, Karen Davidson; a son, Ethan Daniel Davidson; and daughter, Marla Jane Davidson Karimipour.
lrazzaq@detroitnews.com
Judge: Former Pistons owner's estate owes IRS $388M
http://www.gannett-cdn.com/-mm-/09b91b1ab183b9c2e5563b1af37b4617c769c150/c=152-26-815-689&r=1024x1024&r=26&c=26x26/local/-/media/DetroitNews/USATODAY/2014/09/11/1410472469000-Lauren-Abdel-Razzaq.png Lauren Abdel-Razzaq (http://www.detroitnews.com/staff/27327/lauren-abdel-razzaq/), The Detroit News 3:22 p.m. EDT July 8, 2015
http://www.gannett-cdn.com/-mm-/0219340b752647afc2e17860ec12ddbe10329d78/c=44-0-779-980&r=537&c=0-0-534-712/local/-/media/2015/07/08/DetroitNews/B99286604Z.1_20150708152146_000_GUFHV1AF.1-0.jpg
(Photo: Brandy Baker / Detroit News)
The IRS is claiming nearly $388 million from the estate of former longtime owner of the Detroit Pistons Bill Davidson.
That amount is far less than the $2.8 billion deficiency the IRS had originally claimed in estate, gift and generation-skipping taxes.
The decision, which was filed in the U.S. Tax Court on Monday, was two years in the making. That's when Davidson's estate took the IRS to court to dispute the amount owed.
According to documents filed with the court, the deficiencies include $186.6 million in gift taxes, $152.5 million in estate taxes and $48.6 million in generation-skipping taxes.
In addition, Davidson's estate was assessed a $132.9 million fee for the gift tax deficiency.
Davidson, who was 86 when he died in 2009, parlayed ownership of Guardian Industries glass company into a sports empire that once included the Pistons, Shock, Tampa Bay Lightning hockey team and Detroit Fury arena football team. He also was a world renowned philanthropist who gave heavily to Jewish and Israeli causes.
Davidson's 19-page will, signed one week before his death, broke his estate estimated at more than $1 billion into several trusts and names three beneficiaries: his wife, Karen Davidson; a son, Ethan Daniel Davidson; and daughter, Marla Jane Davidson Karimipour.
lrazzaq@detroitnews.com