We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

IRS Asks For Win In $5.2M Refund Row With Racehorse Owner

Law360, New York (December 1, 2016, 5:58 PM EST) -- The Internal Revenue Service on Wednesday asked the Court of Federal Claims to end Irish racehorse owner and businessman John P. McManus' attempt to escape a $5.2 million gambling winnings tax bill, saying both it and the Irish government agree McManus owes the tax.

McManus argued that the government has no standing to withhold $5.2 million from more than $17.4 million to cover taxes, but the IRS argued both it and the Irish government's interpretation of the nations' tax treaty said otherwise.

According to McManus’ complaint,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.