Big Billionaire McCombs Still Fighting the IRS

Last week I wrote about the IRS suing Billionaire Billy Joe "Red" McCombs for $45 Million. The battle between the Rich and Entitled and the Almighty United States Government continues as B.J. "Red" McCombs argues his IRS charges.

The debate is over the sale of stock, which "Red "McCombs claims he shouldn't have to pay taxes on. The IRS begs to differ- they say the two debated transactions amount to the sale of stock in 2002 even when McCombs claims no sale happened.

Full Disclosure: McCombs actually sued the IRS in U.S. Tax Court. He claims the IRS is wrong and that he didn't need to report $213.4 million he earned in capital gains in 2002 from the (alleged) sale of 11.3 million shares of Clear Channel Communications Inc. McCombs even debated another $3.3 million in capital gains related to further stock transactions.

The word from McCombs Enterprises? President Gary Woods had the following to say in an e-mail, "[we] have always paid its taxes, of all kinds, in full, and in a timely manner."

Of course, the IRS cannot legally discuss McComb's tax case, but I think it's clear that this will end with billionaire McCombs paying his dues to the Tax Man. After all, I think he can afford it.