• QuickPress - Tax

    Minnesota Twins Ownership Tangled in IRS Estate Tax Debate

    In early 2009, Carl Pohlad, investor and principle owner of the Minnesota Twins, passed away, leaving controlling ownership of the team to his sons.  In settling the estate, the new owners now find themselves embroiled in a tax tangle with the IRS.  The primary point of contention exists with what Pohlad’s share in the team was actually worth at the time of death.  According to the IRS, Pohlad’s ownership is valued at $293 million and is demanding $121 million in additional estate taxes.  The estate contests that upon Pohlad’s death, which was shortly after the economic crisis of 2008, the…