Billionaire Investor Sues IRS For $186 Million
Billionaire investor Peter R. Kellogg and IAT Reinsurance Co. Ltd., the Bermuda-domiciled insurance company his family owns, are suing the IRS for refunds of $186 million in taxes and interest, according to Forbes.
Forbes reports that, “In court documents, Kellogg and IAT claim IRS officials were ‘unduly prejudiced’ against them by a ‘politically charged atmosphere’ created by journalists and that the IRS arbitrarily timed the revocation to maximize the taxes owed and ‘punish’ them.”
The full article can be read here on Forbes.com
Ouch!