Bloomberg Tax
June 21, 2024, 9:49 PM UTC

Atlanta Business’ Film, Real Estate Deductions Draw IRS Lawsuit

Tristan Navera
Tristan Navera
Senior Reporter

A business owned by prominent Atlanta executive Richard Jackson owes $38 million in taxes and penalties because it underreported $72 million in taxable income for 2019, the IRS told the US Tax Court Friday.

Jackson Investment Group LLC owes $30 million in tax underpayments and $8.43 million in penalties, the agency says. It made the determination after it disallowed expenses related to several philanthropic ventures.

JIG said the IRS erred in disallowing them because it followed the rules and relied upon independent appraisal of its philanthropic ventures, and so it neither acted maliciously or in bad faith.

In addition to ...

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