FTX Protests IRS Tax Claim
The IRS has made a substantial $24 billion tax claim against FTX, which has been contested by the legal team of the bankrupt exchange. FTX’s legal representatives demand substantiated proof for the IRS’s claim.
FTX Disagrees with IRS’s Claims
FTX contests the IRS’s assertion, pointing out that the exchange never made money or paid dividends during its brief operational span. The $24 billion claim is considered baseless and excessive by FTX.
IRS Refuses to Back Down
The IRS insists that it has the right to demand the amount and that FTX has to address the estimation error. FTX has responded to 2,300 requests for information but is awaiting transfer of some documents in January 2024.
FTX Seeks A Structured Program
FTX is pushing for a structured program to pay creditors and prevent further delays in compensating victims. With the bankruptcy case reaching a crucial stage, this indicates a drawn-out legal battle with the IRS ahead.
Hot Take: IRS Tax Bill Jeopardizes Creditors
FTX insists that the $24 billion tax claim by the IRS is baseless and excessive, and is pushing for a structured program to pay creditors and avoid more delays in compensating victims amidst the ongoing bankruptcy case.
By
By
By
By
By
By