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
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.