A couple from Carroll face a large amount of taxes and penalties after they lost a Tax Court case yesterday. The case involved transactions between three companies owned by the couple. The Tax Court issued a dense, 87-page ruling in which they determined that certain transactions between the three companies lacked "economic substance" and were mainly for paying the couple's personal living expenses.
We're not talking about small amounts of money here. In losing this case, the couple now owes more than $105,000 in taxes, plus more than $20,000 in penalties.
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