Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/2/2013 (11 months ago)

Catholic Online (www.catholic.org)

Sumner Redstone on the hook for $1.1 million, plus penalties and interest.

Don't forget to file your returns or else the IRS will come after you, even 41 years later. That's what's happening to Sumner Redstone, 89, who the IRS says owes 1.1 million, plus interest dating back to 1972.

The IRS might have one of these for you, dating back a few decades.

The IRS might have one of these for you, dating back a few decades.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/2/2013 (11 months ago)

Published in Politics & Policy


LOS ANGELES, CA (Catholic Online) - Imagine getting a bill from the IRS for $1.1 million in taxes, plus penalties and interest. The issue concerns the transfer of stock in the Redstone family's National Amusements Inc, which was transferred to his son Brent and daughter Shari.

The IRS claims the transfer was a taxable gift and Redstone says it was the result of a court settlement and therefore was "ordinary business."

Redstone, who is now 89, transferred the stock in 1972 following a lawsuit by his late brother Edward. Edward, who was upset with the family, threatened to sell some of his shares to outside investors. A court agreement allowed him to transfer those shares to his children as well as Sumner's children.

The greater issue is that the IRS is reaching back 41 years to claim money. The move is simply unprecedented. While statutes of limitations protect people from such cash grabs, the IRS claims there is no limitation because the proper returns were never filed. Without a return, there is no statute of limitations.

Still, even without a statute, for the IRS to go back 41 years is astounding.

Redstone, fortunately, is worth $4.9 billion, so he can probably afford the bill. However that's not the point. What matters is that the IRS thinks nothing of reaching back as far as needed to chase people who may have forgot to carry a 1 or who in their youth, didn't bother with their taxes.

What happens with the increased digitization of records? The time is coming when every person will be audited by computer and every mistake will be caught. Every penny must be paid. There will be no loopholes, no exceptions, and no time.

The IRS has also gone after the estate of Edward Redstone, sacking him with a similar bill. Edward died in 2011, however his estate remains. Attorneys representing the estate have also filed suit against the IRS.

There should be no reluctance to pay one's fair share to the IRS. Tax dollars sustain the government, maintain our infrastructure, and provide services that we all know are vital to a healthy economy. However, when tax dollars are squandered and the IRS has the ability to reach as far back as it wishes and lay claim to any amount of money it wants we enter a situation where the IRS becomes an agent of tyranny and harassment.

Retroactive theft. A new trick, for the IRS.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Politics & Policy

Congress appalled at Obama administration's 'stunning disregard for law' Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Appalled by the Obama administration's attempt to "rewrite the Affordable Care Act on a wholesale basis," some members of Congress are calling the White House on the carpet for their "stunning disregard for the law." LOS ANGELES, CA (Catholic Online) - The ... continue reading


Study finds the American Republic has turned to Oligarchy Watch

Image of The Republic is dead, thanks to money and corruption.

By Catholic Online (NEWS CONSORTIUM)

A new study finds that the Republic is dead and that the United States government has become an oligarchy, even if its preliminary findings stop just short of declaring so. The study reveals that average American citizens have lost their political voice entirely and ... continue reading


Supreme Court rules affirmative action in Michigan's college admissions is unconstitutional Watch

Image of The ruling focused on a voter-passed proposal that banned the use of race in admissions decisions at public universities.

By Catholic Online (NEWS CONSORTIUM)

Hailed as a milestone in a decades-long discourse, the Supreme Court has upheld a ban on the use of race in admission decisions at Michigan's public universities. Marked by protests in the streets of Ann Arbor and previous Supreme Court rulings, it was noted ... continue reading


Is affrimative action dead? SCOTUS rules on who can decide the issue Watch

Image of A ruling by the Supreme Court allows states to decide on whether they use a race-conscious policy in admitting students to advanced public education.

By Catholic Online (NEWS CONSORTIUM)

The Supreme Court struck a blow against those seeking to trample on the rights of states, upholding a Michigan voter initiative which banned racial preferences when considering admission into one of the states' public universities, on April 22. LOS ANGELES, CA ... continue reading


Exxon Mobil must pay the piper: High court rejects appeal on $105 million verdict Watch

Image of MTBE is an oxygen-containing substance that is added to gasoline to promote more complete combustion and reduce air pollution.

By Catholic Online (NEWS CONSORTIUM)

They were found guilty way back in 2009 and now must pay for their transgressions. The U.S. Supreme Court has declined to overturn a $105 million verdict against Exxon Mobil for contaminating drinking wells in the New York City borough of Queens. LOS ANGELES, CA ... continue reading


He just keeps coming and coming! Highest - and longest period of taxation proposed by President Obama Watch

Image of Under Obama's budget proposal, according to the CBO, the budget will never balance.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama ... continue reading


A new Civil War? Lawmakers meet to discuss taking back federal lands for the states Watch

Image of Lawmakers met in Salt Lake City to discuss how the federal government has been using lands in the Western states.

By Catholic Online (NEWS CONSORTIUM)

Lawmakers from the Western states gathered in Salt lake City last Friday to discuss what happened on the Bundy ranch in Nevada and to say that it is time for the states, not the federal government, to manage those resources for the good of their people. LOS ANGELES, CA ... continue reading


INCOME TAXES? 'If it reaches a certain point, perhaps you should revolt,' Justice Scalia tells students Watch

Image of Justice Scalia told the students that the justices do not give credence to partisan politics, and that he doesn't care which party controls the White House. He stands by a theory of

By Catholic Online (NEWS CONSORTIUM)

It came as a most bit of unorthodox advice, from a lawmaker to an audience of impressionable minds. While speaking at the University Of Tennessee College Of Law last week, Supreme Court Justice Antonin Scalia was asked by a student about his interpretation of ... continue reading


DECLARED INVALID: North Dakota abortion ban overturned by federal judge Watch

Image of North Dakota has passed new abortion restrictions in recent years. Abortion supporters have declared North Dakota's fetal heartbeat law as the most restrictive in the country.

By Catholic Online (NEWS CONSORTIUM)

A North Dakota law banning abortions when a fetal heartbeat can be detected, as early as six weeks into pregnancy, has been overturned by a federal judge. The law is "invalid and unconstitutional," according to U.S. District Judge Daniel Hovland, who declared ... continue reading


Evidence of corruption: Newly disclosed emails show Lois Lerner WAS in contact with the DOJ over conservative political groups Watch

Image of The truth is, only I am allowed to lie and dodge questions, not private citizens or their political groups.

By Catholic Online (NEWS CONSORTIUM)

The Lois Lerner - Eric Holder scandal has hit the fan with the court ordered release of documents which implicate both in breaking the law to persecute and potentially prosecute conservative non-profit organizations. This issue has been the subject of Congressional ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 3:11-26
11 Everyone came running towards them in great ... Read More

Psalm, Psalms 8:2, 5, 6-7, 8-9
2 even through the mouths of children, or of babes in ... Read More

Gospel, Luke 24:35-48
35 Then they told their story of what had happened on ... Read More

Saint of the Day

Saint of the Day for April 24th, 2014 Image

St. Fidelis of Sigmaringen
April 24: Franciscan Capuchin martyr. He was born Mark Rey is Sigmaringen, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter