Dunned Yankee: U.S. sues Steinbrenner over trust tax refund

Says Bronx Bomber's co-owner owes Uncle Sam $670K; dispute stems from audit of MLB team's books
JUN 08, 2010
New York Yankees co-owner and managing partner Harold Steinbrenner was sued by the U.S. Justice Department over an “erroneous” $670,494 tax refund he received in 2009. The complaint, filed Dec. 27 in Tampa, Florida federal court, seeks to reclaim the funds issued to Steinbrenner on Dec. 28, 2009. The refund stemmed from disputes between Steinbrenner and the Internal Revenue Service over the 2001 tax year and audits of the Major League Baseball team's parent company for 2001 and 2002, according to court papers. Harold Steinbrenner, known as Hal, is one of the children of George Steinbrenner, the former Yankees owner who died in 2010. George Steinbrenner and the IRS settled the issues raised in the audit in an agreement accepted on March 1, 2007, according to the complaint. That agreement resulted in adjustments to the tax returns of the beneficiaries of a family trust, including Hal Steinbrenner's 25 percent share. According to the complaint, Hal Steinbrenner paid his taxes in 2008, and then filed an amended 2001 tax return in 2009 seeking a refund because of a $6.8 million net operating loss carried back from 2002. Paid Refund The IRS paid the refund -- and then said that the refund claim should have been filed by March 1, 2009, more than five months before Hal Steinbrenner sought the refund. “Hal Steinbrenner's representatives had no knowledge of the lawsuit and had received no prior notices regarding this matter from the IRS or any other governmental agency,” Alice McGillion, a family spokeswoman, said in an e-mailed statement. Grant Williams, a spokesman for the IRS in Washington, declined to comment on the lawsuit. --Bloomberg News--

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.