U.S. GP backer being sued by IRS

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Isn’t working with Bernie Ecclestone supposed to fix all your problems with the government?

I’ve just come upon a report that the major backer of the United States Grand Prix in Austin, Red McCombs, is being sued by the federal government — via the Internal Revenue Service, the tax collector, in other words — for $45 million.

Or, you know, roughly a quarter of what the race track outside of Texas’ capitol city is expected to cost.

Here’s the report from KVUE:

IRS suing mega-mogul Red McCombs

by KVUE News

kvue.com

Posted on July 29, 2010 at 10:39 AM

Just days after revealing his involvement in Austin’s Formula 1 racetrack, mega-mogul Red McCombs is being sued by the Internal Revenue Service.

The IRS says McCombs owes $45 million in taxes dating back to 2002 when he sold shares of Clear Channel Communications.

McCombs says the statute of limitations has run out for assessing taxes that long ago.

I think the good thing here is that McCombs is being called a “mega mogul.” That’s got to help the cause with Bernie!

We’ll keep tracking… sometimes this kind of thing is routine for high-rollers. And sometimes those high-rollers end up in jail.

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