Two brothers in similar cases are disputing roughly $1.5 million in tax liabilities and penalties the IRS assessed each of them for allegedly claiming excess net operating losses of their stock basis and amount at risk in the company.
Stinson and William Slawson, along with their wives, filed separate petitions with the US Tax Court Dec. 2 arguing that the IRS wrongly determined each of their tax liabilities and associated penalties for tax years 2021-2024. The agency incorrectly valued their respective stock bases in the company based on a characterization of funds they contributed, the brothers argued.
The IRS also ...