Pohlad tax case resolved at a fraction of original IRS claim

A $255.8 million government claim on the estate of the late billionaire banker Carl Pohlad has been quietly settled for a fraction of the initial amount the Internal Revenue Service demanded.

The Pohlad family resolved the IRS case for $36 million, including a penalty of $1.8 million and interest of $5.3 million, according to documents filed in U.S. Tax Court earlier this summer.

The settlement appears to validate the family’s contention for the past two years that the IRS greatly overvalued Carl Pohlad’s interest in the Minnesota Twins. Before his death in 2009, he had transferred the bulk of ownership to his three sons.

http://www.startribune.com/pohlad-tax-case-resolved-at-a-fraction-of-original-irs-claim/322329101/