Thursday, March 19, 2015
Bren Simon Sues IRS For $21 Million Tax Refund Over Gift Her Late Husband Received From Brother
Don't confuse the headline with the gift Indianapolis taxpayers have given to the billionaire Simon family members totaling in the hundreds of millions of dollars. This gift involves a business arrangement between the late Mel Simon and his brother, Herb, concerning their co-ownership of the Pacers. According to a new lawsuit filed by Mel's widow, Bren, the IRS placed a gift value of $83 million on the business arrangement which supposedly let Mel off the hook for "subsidizing" the Indiana Pacers. The IRS claimed a $21 million tax lien against Mel's estate for the taxable benefit of Herb's gift to Mel. The Simon estate paid the amount under protest, but Bren Simon has now filed a lawsuit against the IRS to recover the $21 million. Click here to read Simon's complaint. I would like to know why all the money the taxpayers are gifting to the Pacers every year totaling in the tens of millions of dollars aren't taxed to Herb Simon. These people are shameless.