Billionaire Redstone Challenges IRS on Tax for 1972 Gift [Bloomberg]
The IRS told [Viacom Chairman Sumner] Redstone earlier this year that he owes $1.1 million in taxes and penalties, plus interest, because of the gift. The case involves stock in the family’s National Amusements Inc. received by Redstone’s son, Brent, and his daughter, Shari, after the settlement of an intrafamily lawsuit. “This is unheard of,” said Richard Behrendt, a former IRS estate and gift tax auditor who is now director of estate planning at Robert W. Baird & Co. Inc. in Milwaukee. “I can’t remember ever hearing of anybody going back 41 years to raise an issue. It’s really unprecedented in my experience.”
Oil and soda taxes advance in California Legislature [LAT]
Two controversial tax measures advanced Wednesday in the California Legislature — a penny-per-ounce levy on soda and a charge on oil pumped from the ground in the state. The Senate Health Committee members approved a bill by state Sen. Bill Monning (D-Carmel) that would charge the tax on sweetened beverages, including sodas, in hopes of reducing obesity among young people. The $1.7 billion that would be raised would go to a Children’s Health Promotion Fund to support a statewide program to prevent obesity in children. Monning said the tax in SB 622 would also reduce consumption of high-calorie drinks by children. […] The 9.5% oil extraction tax would raise $2 billion annually for public education and state parks and was approved by the Democrats on the Senate Governance and Finance Committee, which sent it to the Appropriations Committee.
FASB proposal would guard private companies’ proprietary information [JofA]
Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic employee benefit plans would reveal sensitive proprietary information of private companies. FASB is addressing that concern by proposing an indefinite deferral of the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.
RIP Mac Daddy.