Pursuits
Wyly Lawyer Tells Judge Aggressive Tax Planning Not Illegal
- U.S. seeks about $2.2 billion for money family held offshore
- Judge says some trusts in IRS case give her `heartburn'
This article is for subscribers only.
Samuel Wyly’s lawyer, fighting a $2.2 billion claim by the Internal Revenue Service, told a skeptical judge that his client’s tax planning was “aggressive but not illegal.”
The IRS is suing to recover unpaid taxes, interest and penalties on money held in offshore trusts from 1992 to 2013 by Sam Wyly and his late brother Charles, who got rich building businesses including the Michaels Stores Inc. arts-and-crafts chain. The Dallas bankruptcy judge heard closing arguments Wednesday.