IRS Says Topfer Owes 65 Million in Gift Taxes

The following is from Janet Novack, Short Arms?, forbes.com, Dec. 24. 2007:

The Internal Revenue Service says that Morton L. Topfer, one of FORBES ASAP’s Tech’s 100 Highest Rollers when he served as Dell*** vice chairman, owes $65 million in gift taxes and penalties for undervaluing asset transfers benefiting his heirs.***

The feds say that in 2002 and 2003 he put $105 million of cash and stock into trusts for his children and grandchildren but valued the largesse at a mere $3.5 million.***

Court filings for Topfer,*** defend the complicated dealings as “bona fide, arms-length transactions.”