Yankees Co-Owner Steinbrenner Beats IRS in Tax Refund Suit

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Friday, 07 Jun 2013 04:05 PM

 

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New York Yankees co-owner and managing partner Hal Steinbrenner prevailed in a lawsuit brought by the Internal Revenue Service seeking to recover $670,494 from what the government alleged was an erroneous tax refund.

The IRS in a complaint filed in federal court in Tampa, Florida, sought to reclaim the funds issued to Steinbrenner on Dec. 28, 2009.

The refund stemmed from disputes between Steinbrenner and the IRS over the 2001 tax year and audits of the Major League Baseball team’s parent company for 2001 and 2002, according to court papers.

Editor's Note: Make 2013 the Year You Pay Zero Taxes

U.S. District Judge Steven Merryday ruled that the IRS sought “impermissibly in this action to disestablish, impinge, blur or selectively ignore” federal law setting boundaries on the tax treatment of partnerships.

Hal Steinbrenner is one of the children of George Steinbrenner, who died in 2010. George Steinbrenner and the IRS settled the questions 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.

Dean Patterson, an IRS spokesman, and Steinbrenner’s lawyers, Edward Koren and Bradford Kimbro, didn’t immediately respond to e-mail messages seeking comment on the ruling.

Editor's Note: Make 2013 the Year You Pay Zero Taxes

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