Claiming 'Politically Charged Atmosphere,' Billionaire Sues for IRS Refund

The tax collectors are a little short on credibility

Billionaire investor Peter R. Kellogg and IAT Reinsurance Co. Ltd.,  the Bermuda-based insurance company his family owns, are suing the Internal Revenue Service for refunds of $186 million in taxes and interest they paid after the IRS revoked IAT's tax-exemption retroactively. In court documents, Kellogg and IAT claim IRS officials were "unduly prejudiced" against them by a "politically charged atmosphere" created by journalists and that the IRS arbitrarily timed the revocation to maximize the taxes owed and "punish" them.

The IRS also disallowed IAT's deduction of $1.3 million in business and personal travel expenses for Kellogg in 2000 and 2001. IAT argues its board properly authorized payment for Kellogg's personal travel since it "recognized the need for Mr. Kellogg to travel privately because of his status including being listed by Forbes magazine." Forbes estimates that Kellogg, 70, is worth $2.7 billion. He ran Wall Street's top market maker, Spear, Leeds & Kellogg, until engineering its sale to the Goldman Sachs Group in 2000 for $6.5 billion.

Comments

[Respect]

Good job, In California the Boy Scouts had their tax exempt status threatened if they didn't change their organizational principles. They could possibly sue the IRS for being "unduly prejudiced" towards the LGBT bias and making vieled threats in "politically charged atmosphere" too.

[midomidi20133]

Rushed into service under severe time pressure, the system's many hair-raising failures were soon legendary. It became standard procedure to shut down the system entirely whenever the president's Air Force One was flying, relying instead on the obsolete (but more reliable) manual system. Throughout the 1950s and 1960s air traffic volume grew by leaps and bounds.The number of airports receiving commercial service rose substantially. Yet many of them remained unequipped with such essential safety features as Instrument Landing Systems (ILS) and radar. During the decade from 1962 to 1971 there were 20 fatal accidents involviing non precision landings (those without proper instruments) at air carrier airports; nearly 700 people died in those accidents. ???? ????? ??? ???????

[midomidi20133]

???? ????? ????? ??????? job, In California the Boy Scouts had their tax exempt status threatened if they didn't change their organizational principles. They could possibly sue the IRS for being "unduly prejudiced" towards the LGBT bias and making vieled threats in "politically charged atmosphere" too.???? ??? ???? ??????? I think the slave population in the plantations, were cotton, tobacco and cane were produced, the % of slaves was much much higher than 12.7 %. Higher than 50% and growing.

[midomidi20133]

I also bet the population of slaves on cotton farms in Egypt was higher than the typical density across the entire Egyptian population. I'm not sure what the point is.???? ????? ????? ??????? I welcomed a greater, if still limited, role for government in national problems, anathema to the "leave us alone" libertarian philosophy that dominated Republican debates in the 1990s. So did George W. Bush, I must add, who challenged libertarian orthodoxy with his appeal for a "compassionate conservatism." He based much of his more activist government philosophy in an expanded role for ???? ????? ?????? ??????? the federal government in education policy and in his support for contributions that small, faith-based organizations could make to the solution of social problems. I gave more attention to national service and to a bigger role for government as a restraining force on selfish interests that undermined national unity. But his positions did him much credit, as well they should have, and they do him much credit now as he uses his presidency to advance them.