- IRS is demanding $44 billion in taxes in the FTX bankruptcy case.
- The demands have been filed under administrative priority, which means they will take precedence over the claims of other creditors.
- Lawyers representing Sam Bankman-Fried have taken numerous actions in recent weeks.
IRS is demanding $44 billion in taxes related to FTX, Alameda Research, and its subsidiaries, and filing tax claims under administrative priority means the IRS claims take precedence over the funds owed to the bankrupt exchange’s creditors.
FTX Creditors Pushed to the Background!
A tax bill related to Alameda Research is circulating on the internet. The Internal Revenue Service (IRS) is prioritizing its tax claim in the FTX bankruptcy case over the claims of creditors. The tax agency is demanding $44 billion from the bankrupt exchange.
Categorization classifies the claims as administrative priority, and shows that IRS claims take precedence over the funds owed to the exchange’s creditors. However, ongoing disputes over the creditors’ claims continue to determine exactly what this means. For example, Nick van Eck, a partner at General Catalyst, has expressed curiosity about the methodology used to calculate the amounts and the process for obtaining the funds.
The IRS has made 45 claims against the exchange and its subsidiaries. These claims were filed on April 27th and 28th. Alameda Research’s unpaid partnership taxes and federal payroll taxes make up a debt of $20.4 billion.
The IRS has not provided any details on the matter. An agency spokesperson said, “federal law prohibits the IRS from approving or denying correspondence related to any taxpayer’s case.”
Sam Bankman-Fried’s Lawyers Working Hard
There have been many developments in the FTX case. Most importantly, Sam Bankman-Fried’s lawyers have applied to the judge to dismiss the charges, saying it is more of a civil matter. Additionally, the legal team has accused FTX’s lawyers from Sullivan & Cromwell of working as prosecutors.
Furthermore, Sandra Lee, Deputy Assistant Secretary of the Financial Stability Oversight Council (FSOC), stated that following the recommendations of a report could prevent the collapse of FTX.
Shaq Says Legal Documents Were Not Properly Served
There is debate over other aspects of the FTX case. Basketball legend and expert Shaquille O’Neal is said to have not been properly served with a legal complaint against him. Specifically, O’Neal promoted FTX last year. The legal team alleges that the documents were served inadequately by throwing them in front of two servers’ cars.
Other celebrities and prominent figures have become involved in the FTX case through promotions and sponsorships. These include Tom Brady, Steph Curry, Larry David, and Naomi Osaka.
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