Appeals court says Anschutz owes $17.3M in taxes
DENVER—A federal appeals court says Colorado billionaire Philip Anschutz owes at least $17.3 million in taxes.
The 10th U.S. Circuit Court of Appeals in Denver issued the ruling Tuesday, upholding a tax court's earlier ruling.
The court said the Anschutz Company is also liable for at least $77 million in taxes.
Anschutz spokesman Jim Monaghan said Anschutz already paid the taxes but appealed that he owed them.
The taxes are from stock transactions from 2000 and 2001.
At issue are stock deals that were structured in a way to spread the tax liability out over several years. Judges agreed with tax regulators that that the transactions were sales, and not pending transactions as Anschutz argued.
Anschutz's wife, Nancy, was also named in the case because they file jointly.