FTX Disputes IRS's 'Alice in Wonderland' Tax Claim
Summary
FTX, the bankrupt cryptocurrency exchange, has challenged the U.S. government's claim for $24 billion in unpaid taxes. In a recent court filing, FTX disputed the tax amount and expressed concern that the IRS's claims will negatively affect the potential recovery for victims of FTX's fraud. The U.S. government responded that it is only seeking to determine the correct tax liabilities. FTX, which filed for bankruptcy in November 2023 following fraud allegations, argued that the determination process proposed by the government would unnecessarily delay case administration. A hearing is scheduled for later Tuesday.
