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[Jim Guy] Tucker gets penalty reduced
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Candidate
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| Contributor | DFWDem |
| Last Edited | DFWDem Dec 11, 2003 09:31am |
| Category | News |
| News Date | Dec 11, 2003 12:00am |
| Description | After years of insisting that the Office of Independent Counsel incorrectly charged him in a tax-conspiracy case, former Gov. Jim Guy Tucker on Wednesday finally got to hear the government concede that he was right.
The concession took the steam out of allegations, leveled by the independent counsel eight years ago against Tucker and a business partner, William Marks of Boston, that the pair conspired to put their cable television company through a sham bankruptcy to avoid paying $3.8 million in corporate income taxes on the profits.
According to a formal stipulation agreed to in court Wednesday, the maximum potential corporate tax the men avoided through the bankruptcy filing should have been no higher than $125,429.88.
Of that, Tucker’s share of any corporate tax liability cannot exceed $62,714.94, with the exact amount yet to be determined. It’s even possible Tucker will receive a refund, a U.S. Department of Justice tax attorney told U.S. District Judge Stephen M. Reasoner.
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