Ray Lane sure is having a rough year. The IRS has slammed him with a $100 million tax bill, calling his tax shelter a “sham,” reports Bloomberg.
Lane is the former chairman of HP and partner emeritus at venture-capital firm Kleiner Perkins Caufield & Byers. In December, the IRS told said it wasn’t buying into $251 million of losses from a business partnership. Without that, he owes $100 million, the IRS figures.
Lane disagrees with the IRS’s finding.
“The amount of taxes I pay are staggering, and this is the only transaction I’ve been audited on,” Lane told Bloomberg.
Sources close to him say that if he has to pay up, it won’t bust him. Lane was the former president of Oracle. When he left the job in-mid-2000 he reportedly had more than $1 billion in stock and stock options.
Still, things haven’t been going well for him lately. In April, he was forced into resigning from his chairman position at HP, after shareholders nearly voted him out a few weeks earlier at their annual meeting. They were angered for the part he played in hiring, then firing former CEO Leo Apotheker and HP’s disastrous $11 billion acquisition of Autonomy.
He is still on the HP board.
For more details on his tax shelter problems, read the full Bloomberg story.
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