Conrad Black gets $71M tax bill from IRS
Read Full Story
In 2007, Lord Conrad Black was convicted by an Illinois U.S. District Court for diverting funds from Hollinger International, a newspaper media company, for personal use including corporate jets and a lavish NY apartment. His application for bail was rejected, and now the IRS wants $71 million in back taxes from Lord Black
, including $120 million in unreported income from 1998 to 2003. Lord Black describes the IRS allegation as "sloppy and careless" and asked for this to be dismissed because he wasn't a U.S. resident at that time, therefore not required to pay taxes.
Lord Black issued a statement to the courts stating that he was a Canadian resident until 2001. However, the U.S. government says that because the alleged funds were from a U.S. source, his income is subject to U.S. taxes.