Isley Bros. Founder Loses Bid To Reinstate $9M Tax Accord

Law360, New York (November 07, 2013, 1:32 PM ET) -- The U.S. Tax Court on Wednesday denied musician Ronald Isley's bid to reinstate a favorable settlement with the Internal Revenue Service aimed at resolving a $9 million tax debt, saying the deal violated the terms of a previous tax evasion conviction.

According to the court, Isley, a founding member of the Isley Brothers music group, received preliminary approval of an offer-in-compromise in 2009 after negotiating for months with an IRS appeals officer. But in 2011, an IRS chief counsel attorney rejected the deal, saying the agency...
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