Collector Sues IRS For $40 Million in Art Taxes Paid

Posted by on Feb 7, 2015 in Blog Posts | No Comments

artnet news | By ALEXANDER FORBES

Barbara B. Allbritton has sued the United States Internal Revenue Service (IRS) with the intention of recouping $40.6 million in taxes she and her family paid following the death of her husband, millionaire media mogul and banker Joe L. Allbritton in 2012.

As initially reported by Courthouse News, a “notice of deficiency” was delivered to Allbritton in 2013 related to what the IRS termed “taxable dividends” and distributions of art and antiques from his private holding company, Perpetual Corp. The tax agency believed Joe Allbritton received the distributions between 2005 and 2008.

Barbara Allbritton says that she paid the full $40.6 million tax bill “under protest.” The lawsuit is intended to initiate a refund of that sum from the IRS.

Read entire article at artnet.com

 

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