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Month: December 2011

12/22/2011

Billionaire Skates on IRS Penalties

Forbes reports that Leon G. Cooper, the prominent New York billionaire hedge fund manager, has managed to get out of paying the IRS $5 million in penalties. The IRS filed a complaint against Cooper when his personal private foundation was given a $43 million gift by one of his hedge funds. Cooper provided the start-up money for the fund, but did not personally manage the fund. His family wrote the gift off as a deduction in both 2005 and 2006. This kind of deduction, however, is not allowed by federal law.

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12/20/2011

Socialite’s Estate Facing Attack by IRS

Forbes.com reports that Brooke Astor's multi-million dollar estate is now facing an extensive tax bill from the Internal Revenue Service. The estate has recently filed multiple lawsuits in the United States Tax Court. The lawsuits challenge the IRS's demand that the executors of the Astor estate pay another $62 million in fees. There is some discrepancy between the IRS and the estate about the total value of Astor's estate. The IRS claims that the estate is worth some $223 million and the federal government is entitled to $97 million in federal estate taxes.

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12/6/2011

Personal Injury Lawsuit Against The Pony Settles

The negligence and wantonness lawsuit filed in Madison County Circuit Court has been settled. M&B represented a young Army reservist who was in Huntsville, AL at Redstone Arsenal for training. The plaintiff along with several other soldiers went to The Pony, a Huntsville gentlemen's club, for a night out. It was alleged in the complaint, that the Plaintiff was unjustly assaulted in the club's parking lot by one of the club's bouncers resulting in the Plaintiff suffering multiple skull fractures, a ruptured ear drum and facial nerve damage. In the personal injury lawsuit, the Plaintiff sought compensation for his medical bills, pain and suffering, out of pocket expenses and mental anguish. After written discovery was exchanged between the parties and depositions were taken, the parties reached a confidential settlement.

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