TechFlow news, according to The Block, legal documents filed on June 3 reveal that FTX plans to pay the U.S. Internal Revenue Service (IRS) $200 million in priority tax claims and $685 million in general unsecured tax claims. Priority tax claims, such as certain taxes, must be paid before other debts, while general unsecured claims are only paid after priority obligations have been satisfied.
FTX argued in bankruptcy court that the amount it owes is significantly lower than the $24 billion in tax claims asserted by the IRS. Previously, the IRS had claimed FTX owed $44 billion in taxes, but later reduced the figure to $24 billion.
The FTX debtors, who are managing the company during its bankruptcy proceedings, contend that the IRS incorrectly included funds misappropriated by Sam Bankman-Fried and other disputed tax liabilities in its calculations. The IRS disagrees with the debtors’ position and intends to pursue substantial tax claims if a settlement cannot be reached. The objection deadline in this case is June 17, with a hearing scheduled for June 25, 2024.
