The Internal Revenue Service has accused former U.S. ambassador to Ireland Richard Egan of setting up a $62 million illegal tax shelter as soon as he moved to Dublin, a charge Egan denies.

Following an investigation, the IRS claims that Egan set up an economic sham involving another businessman that used a complex system to sell each other's stock in order to dodge tax payments. Egan, the billionaire co-founder of technology company EMC Corp., has started legal action against the IRS in Massachusetts, claiming that the investment deal was perfectly legal.

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