TechFlow news — FTX's lawyers said in a new filing on Sunday to the Delaware bankruptcy court that the Internal Revenue Service (IRS) should substantiate its claim against FTX and demonstrate how it calculated the alleged unpaid taxes. The move marks the latest development in a months-long dispute between the IRS and the FTX bankruptcy estate over the amount of unpaid taxes owed by the collapsed exchange and its affiliates to the U.S. government.
Although FTX claims it owes nothing to the IRS, the tax agency is demanding up to $24 billion in taxes—more than three times the amount currently available for compensating creditors.
During its brief three-year existence, FTX never distributed dividends or profits and "never earned anywhere near the amount necessary to support the IRS’s claimed $24 billion tax liability," the lawyers wrote. Instead, FTX lost substantial amounts of money, they added.
The lawyers argued in the filing: "The IRS’s only recourse would be taking recoveries from victims. With no valid basis for asserting tax claims against the debtors, the IRS’s reliance on its own procedures will only delay distributions to those truly harmed."
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