Get Connected
  • facebook
  • twitter
Print

EX HP head, WVU board member to settle IRS dispute

MORGANTOWN, W.Va. (AP) - Former Hewlett-Packard Co. chairman Ray Lane says he has signed an agreement to pay a $100 million tax bill after the IRS claimed he participated in a "sham" tax shelter scheme.

Lane told The Wall Street Journal (http://on.wsj.com/13olZlE ) he signed the agreement but isn't sure how much he'll end up paying to settle the tax dispute.

The agency claims in court documents that Lane improperly claimed profits and offset losses from investment partnerships on his 2000 tax bill. The IRS claims the partnerships' investments were "shams" to help investors avoid taxes.

Lane called the dispute "unfortunate." His attorney, Charles Hodges, did not immediately return phone and email messages from The Associated Press.

Lane stepped down as chairman of HP in April. He serves on West Virginia University's Board of Governors.

Other Business Headlines

Verizon aims to build six new towers

Tamarack prepared for Boy Scout travelers

Jared Hunt: U.S.rates attract foreign investors

Gadget keeps golfers on course

Teams go head-to-head in Corporate Cup trivia contestAustralian investment firm buys stake in Town Center

 


Print

User Comments