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Minnesota Twins Under Valued By Owner’s Estate

By Gerry W. Beyer

Minntwins

Owner of the Minnesota Twins, Carl Pohladdied in 2009. Shortly after his death, Forbes valued the Twins at $356 million.Now the Twins worth has shot up to $578 million. However, according to anunreported lawsuit filed by Pohlad’s estate it valued the Twins worth at only$24 million to the IRS. The IRS assigned a penalty for gross valuation misstatementand added $121 million extra in taxes. The grand total in tax liability is $169million dollars. Executors of the estate are contesting the additional taxliabilities. 

See Janet Novack, IRS Calls Foul Against Estate of Late Minnesota Twins Owner Carl Pohlad, Forbes, Jul. 2, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

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Current Events and Income Tax