Heirs To Carmex Fortune Protest $119M IRS Deficiency

Law360, Washington (January 10, 2014, 6:07 PM ET) -- The family of the deceased head of Carmex lip balm maker Carma Laboratories Inc. is challenging a U.S. Internal Revenue Commission determination that they owe about $119 million in tax deficiencies and penalties arising in part from their alleged failure to pay gift taxes on a $116 million stock sale.

Paul and Eric Woelbing, the sons of deceased Carma Labs executive Donald Woelbing, filed a petition in the U.S. Tax Court on Dec. 23 claiming the IRS erred in determining that the estate owes the government...
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