Caroline Dee Wyly, the widow of Charles Wyly, filed a motion in December in a Texas bankruptcy court for a ruling on the estate of Charles Wyly’s tax liability. Last year, Wyly’s estate was ordered to pay $64 million in disgorgement for an offshore trust scheme that he and his brother were found to be involved in. The IRS has argued to the bankruptcy court that the motion cannot be granted because the court lacks jurisdiction over the estate in the case, and also noted that Caroline Dee Wyly’s currently outstanding tax bill is over $280 million.
See Jimmy Hoover, IRS Says Wyly Widow’s Tax Liability Will Far Surpass $280M, Law 360, Jan. 14, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
