Internet Mogul Calls IRS Suit Over Alleged Tax Shelter Untimely

Former Buy.com and ThinkTank.com executive Scott Blum and wife Audrey Blum say the IRS’s attempt to pursue them for an alleged illegal tax shelter came too late.

The IRS issued notices of deficiency to the Blums in 2015 for the 1999, 2007, and 2010 tax years, totaling about $16 million, but that was well past when the statute of limitations for the IRS to pursue them expired, they told the US Court of Appeals for the Tenth Circuit. The US Tax Court upheld those deficiencies earlier this year, though it determined the couple didn’t need to pay penalties.

The ...