The Internal Revenue Service is pursuing billionaire Philip Anschutz over $143.6 million in back taxes in an effort to discourage arrangements that allow people to defer paying capital gains taxes.
The taxes involve transactions that Anschutz entered into with shares he owned in Union Pacific railroad and Anadarko Petroleum, according to The Wall Street Journal. The transactions in 2000 and 2001 earned him approximately $429 million in cash and a share of future increases in the share price.
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