The estate of Dallas millionaire Charles Wyly has been assessed a $2 billion claim on back taxes by the IRS. The controversy arises over the income from a series of trust set up by Mr. Wyly in the well-known tax shelter the Isle of Man in the early 90’s. The Service claims the trust illegally hid income from 1992-2010 with most of the back taxes coming from interest and penalties. Sam Wyly, Charles’ brother, plans to fight the bill in Bankruptcy Court in order to reach global settlement agreement for a reduction in the amount owed.
See Mark Curriden, IRS Hits Sam Wyly, Late Brother’s Estate with $3 Billion Tax Bill, Dallas Morning News, Apr 16, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
