The trusts of a late Arizona real estate developer and his wife are suing over an IRS determination that they’re liable for almost $30 million in taxes and interest.
The trusts’ Belmont Investments LLC—established by Millard Seldin, an Arizona real estate developer and hose breeder, and his wife Beverly—petitioned the Tax Court to contest IRS adjustments to its income that resulted in $20.9 million in tax underpayments for its 2018, 2019, and 2020 tax years.
The adjustments, which the LLC was made aware of earlier this year, have also accrued over $7.6 million in interest, according to information filed with ...
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