Ga. Auto Dealer Fights $28M Tax Bill Over Asset Transfers
Law360, Washington (April 28, 2016, 12:50 PM EDT) -- A Georgia auto dealership has protested $28 million in tax deficiencies and penalties stemming from the IRS's decision to nix deductions associated with note transfers to its financing wing, insisting to U.S. Tax Court that the transfers were legitimate deals between separate companies.
In a petition to the court made available Wednesday, U.S. Auto Sales of Lawrenceville, Georgia, shot back at the IRS's February deficiency notice, which disallowed $69 million in losses from 2009 to 2011, arguing that the company "is a corporation separate and apart from U.S. Auto Finance Inc." Auto Sales pointed out that it even had different taxpayer...
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