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Billionaire Anschutz Loses Ruling Over $144 Million Tax Bill

Denver billionaire Philip Anschutz lost a fight with the Internal Revenue Service over a $143.8 million personal and company tax bill for 2000 and 2001.

The U.S. Tax Court in Washington yesterday found that Anschutz Co. was required to recognize built-in gains upon entering into an agreement to sell shares to an investment bank, while also lending the same shares to the bank.