Minnesota Twins heirs fight IRS over team valuation

07/30/2013 | AccountingWEB

Minnesota Twins owner Carl Pohlad's heirs -- sons Robert, James and William -- are battling the Internal Revenue Service in U.S. Tax Court over estate taxes. The argument centers on the valuation of the major league baseball team. The IRS says the stake was grossly undervalued and is adding a $48 million penalty on the taxes it says the heirs still owe.

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