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Toy Co. Owners, IRS Settle Over $8M Legal Fee Deductions

Law360, Los Angeles (January 3, 2018, 7:01 PM EST) -- The owners of toymaker MGA Entertainment Inc. have reached a settlement with the IRS in a California federal court of claims that the company was entitled to deduct more than $8 million in legal fees related to a lawsuit against Mattel Inc. over the rights to Bratz dolls, according to a Wednesday court order.

Isaac and Angela Larian, who own roughly 80 percent of MGA, sued the IRS in March claiming they were entitled to a tax refund of some $3.5 million for the years 2004...
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Case Title

Isaac E. Larian et al v. United States of America


Case Number

2:17-cv-02490

Court

California Central

Nature of Suit

Taxes

Judge

Fernando M. Olguin

Date Filed

March 30, 2017

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