Updated – IRS Hits Wylys with ‘Unprecedented’ $3 Billion Tax Bill
The IRS levied a record-setting $3.2 billion tax bill Wednesday against Dallas entrepreneur and philanthropist Sam Wyly and the estate of his brother, Charles Wyly. The IRS claims Sam Wyly owes $2 billion in back taxes, penalties and interest from income generated from trusts that the brothers established in the Isle of Man more than two decades ago. "The IRS figures are baloney,” Sam Wyly told The Texas Lawbook. “We believe the IRS figures are so absurd as to undermine the credibility of the IRS."





