Lawsuit Against IRS Dismissed
A lawsuit filed against the Internal Revenue Service by a Santa Fe gallery owner has been dismissed by a federal judge. The gallery owner was claiming that the IRS owed him nearly $700,000 in tax money that was paid as the result of wrongful assessments.Gerald Peters filed his lawsuit in April 2005, and was looking to recover the large sums of money that he had overpaid according to his claims. He owns galleries in New York and Dallas as well as in Santa Fe. His case was dismissed earlier this week by the judge.
Both parties had indicated that they wanted to settle in court filings over the past year. It all started in 2001 after Peters donated some paintings to museums. He claimed that the paintings were worth over $1 million, but the IRS determined that they were worth just one hundred thousand dollars.
With the penalties and adjustments that were made as a result of this assessment by the IRS, there was a difference of nearly $700,000 on the annual income of Peters and his wife.
Topic Added July 6th, 2006
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