Rebecca L. Tsai | Bloomberg Law Estate of Kenneth L. Lay v. Commissioner of Internal Revenue, No. 15732-09, 2011 BL 222153 (T.C. Aug. 29, 2011) The U.S. Tax Court determined on August 29, 2011, that the Internal Revenue Service (IRS) was not entitled to collect an alleged $3,910,000 deficiency in income tax from the estate of former Enron CEO Kenneth L. Lay, finding that the sale challenged by the IRS was valid and entered into in good faith.
Kenneth Lay's Compensation Package with Enron
The Lays Properly Reported the Annuities Transaction on Their Tax Return
Court Rejects the IRS's Section 83 Argument
IRS's Argument that the $10 Million Payment Was Additional Compensation Also Failed
To view additional stories from Bloomberg Law® request a demo now