IRS seeks $3.2 billion from Samuel Wyly and his brother's estate

April 16, 2015 10:27 PM

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April 16 (Reuters) - The Internal Revenue Service is seeking to recoup $3.22 billion from Texas businessman Samuel Wyly and the estate of his late brother Charles Wyly, after the brothers allegedly hid income by setting up sham overseas trusts.

According to claims filings on Wednesday with the U.S. bankruptcy court in Dallas, the IRS believes Samuel Wyly owes $2.03 billion in back taxes, interest and penalties, while his brother's estate owes $1.19 billion.

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