AUBURN HILLS (AP) — The estate of former Detroit Pistons owner Bill Davidson has agreed to pay the Internal Revenue Service $388 million to settle the agency’s original claim for $2.8 billion.
The agreement on the lower claim figure was filed this week in U.S. Tax Court.
Davidson died in 2009 at age 86. He owned Auburn Hills-based Guardian Industries, a glass products supplier to the auto industry.
Davidson also bought several sports teams, including the NBA’s Pistons, the WNBA’s Detroit Shock, NHL’s Tampa Bay Lightning and the arena football team the Detroit Fury.
The IRS said Davidson’s accountants undervalued privately held Guardian stock placed in trusts for members of his family.
- Posted July 16, 2015
- Tweet This | Share on Facebook
IRS reaches $388M deal with ex-Pistons owner's estate
headlines Macomb
- Macomb County Meals on Wheels in urgent need of volunteers ahead of holiday season
- MDHHS hosting three, free virtual baby showers in November and December for new or expecting families
- MDHHS secures nearly 100 new juvenile justice placements through partnerships with local communities and providers
- MDHHS seeking proposals for student internship stipend program to enhance behavioral health workforce
- ABA webinar November 30 to explore the state of civil legal aid in America
headlines National
- Could Trump’s judicial appointments slow in the new year?
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Practical guidance for ethically changing law firms
- ‘Christmas Lawyer’ uses settlement with homeowners association on more holiday decorations
- DOJ sues state officials over laws protecting immigrants at courthouses
- Building the case for trial in the last 60 days
