Madoff Trustee Reaches Deal With IRS Over $326 Million Payments
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The trustee liquidating Bernard Madoff’s investment company and the U.S. Internal Revenue Service reached an agreement over $326 million transferred to the agency purportedly on behalf of the con man’s foreign account holders.
Trustee Irving Picard found that Madoff or his company made payments to the IRS under a section of U.S. tax code that requires that 30 percent of dividend payments to non-resident aliens and foreign corporations be withheld for taxes, according to a filing in U.S. Bankruptcy Court in Manhattan.