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Former Detroit Pistons Owner's Estate Slam-Dunked with Taxes!

The IRS believes that the Estate of former owner of the Detroit Pistons, Bill Davidson, owes around $1.9 billion in total tax liability. The tax attorney defending Davidson's estate is gonna have a field day with this one. Davidson died on March 13, 2009 with his net worth estimated at $3 billion. The IRS has alleged that Bill Davidson did not properly account for huge gifts to family members and the value of stocks he had put in trust for his heirs.

The Davidson Estate claims the IRS incorrectly concluded that the values of stocks transferred into trust were worth more than their true value. The estate's argument is based on the devaluation of the stock of Davidson's Company, Guardian Industries, at the time of his death. The IRS has answered that their valuation method was more reliable than the method used by the Davidson Estate.

The IRS has taken issue with the manner of how the privately-held stocks were placed into family members' trust accounts, and alleges that the accountants that handled the Davidson Estate undervalued the shares by as much as $1,500 per share of Guardian Industries stock that Davidson placed in trust for his children and grandchildren. The IRS argues that this gift is taxable and the tax deficiencies relating to these gifts go back to 2005, totaling more than $900 million in taxable gift amounts.


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