A Texas technology executive says the IRS wrongly determined he and his wife underpaid taxes resulting in a $7 million joint tax bill.
Jeffrey and Loyd Zisk petitioned the US Tax Court to contest the IRS notice of determination for their 2021 tax year, which says the couple must pay $5.9 million in taxes and $1.2 million in penalties over the sale of Snowfall Technologies Inc.
The Dallas-based couple said the IRS increased their Schedule D long-term capital gain by about $29.2 million that year, resulting in the higher tax deficiency, according to the Oct. 10 filing.
An IRS notice …
