IRS Sues Billionaire Billy Joe "Red" McCombs for $45 Million

The IRS claims Billy Joe "Red" McCombs owes $45 million in taxes when he sold shares of Clear Channel Communications back in 2002, and didn't give Uncle Sam his cut.

To give you a little background, Billy Joe "Red" McCombs (otherwise known as "Red McCombs) is the founder of Red McCombs Automotive Group. He's a co-founder of the giant Clear Channel Communications, a former owner of the San Antonio Spurs, Denever Nuggets and the Minnesota Vickings. He is the namesake of the McCombs School of Business at the University of Texas at Augustine.  Most notably, he was named one of Forbes magazine's top 400 richest Americans in 2005.

Recently, McCombs announced his investment in Formula 1 racetrack. According to Forbes magazine, his net worth is $1.7 billion. All that money and Red McCombs claims that, by law, too much time has passed for the IRS to initiate legal proceedings against him for the money he didn't pay the IRS?

The IRS isn't going to have much sympathy on a man that owes billions. And in the coming months we'll see the IRS force McCombs to pay up like the rest of us paupers do every year.