Ex-Qwest CEO Can Pursue $18M Tax Refund Tied To Tips
By Matthew Villmer (March 14, 2014, 2:32 PM EDT) -- A federal court said Wednesday that Qwest Communications International Inc.'s former CEO can seek almost $18 million in tax refunds after he forfeited millions in proceeds from stock sales as part of a criminal conviction for insider trading.
U.S. Court of Federal Claims Judge Mary E. Williams blasted the Internal Revenue Service's argument that Joseph Nacchio was not entitled to a tax refund because his losses were traceable to insider trading, saying public policy has nothing to do with an analysis of the law surrounding tax refunds.
"[T]he government seeks to tax these proceeds not on the ground that they are...
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