The IRS also doesn’t buy the rapper’s attempt to tie the success of his work to the missing assets, questioning the necessity of having “Royal Copenhagen bear figurines” and the afore-mentioned soda machine [Titans!] and games around in order to write hip-hop tunes. [WSJ]
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According to Forbes’ latest Billionaire list, Phil is worth $6 billion. Before you reach for your 10-key, we’ll just tell you – this little capital gain issue amounts to less than 2.5% of his net worth.
In a similar vein, these transactions occurred in 2000 and 2001 so this particular battle is entering it’s second decade if you consider the birth of the transaction that gave life to the IRS’ beef.
Yes, he’s appealing ruling. See you in another 10 years.
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