FTX creditors could get screwed if the IRS claim for tens of billions is successful. Do Kwon in world of pain one year on, and court tells Arthur Hayes to stop being mean to 3AC. Asia Express.
posted by the claims agent of bankrupt cryptocurrency exchange FTX, the U.S. Internal Revenue Service , is claiming a total of $44 billion from the exchange’s bankruptcy and related firms, including $38 billion against its sister quantitative trading firm Alameda Research. In one single claim, the IRS assessed $20.4 billion in unpaid partnership and payroll taxes against Alameda Research LLC.
Founded in Sept. 2017 by Sam Bankman-Fried and Tara Mac Aulay, with Caroline Ellison serving as CEO, Alameda was headquartered in Hong Kong and conducted up to $5 billion worth ofper day at its peak. Hong Kong does not levy taxes on capital gains. However, being U.S. nationals, its founders and key executives are obligated to pay taxes on their worldwide income irrespective of where they reside and how many days they actually spend in the U.S. each year, as per the highly unusual U.S.
The partnership taxes assessed by the IRS suggests it believes the entity operated on a partnership regime, where, unlike corporations, profits are not taxed at the entity level but are instead “passed through” to its partners and subsequently taxed at the individual level. If the IRS prevails, it could mean bad news for the creditors. According to the filing, the IRS is claiming the total unpaid taxes of $44 billion from FTX and related companies under Admin Priority. The IRS claims would take precedence over that of unsecured creditors, such as FTX’s one million users, during bankruptcy proceedings. Despite their best efforts, bankruptcy trustees and law firms have only managed to locate $7.3 billion in assets from FTX and related entities.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Milady NFT floor price surges after Elon Musk tweetThe price of Milady NFTs nearly doubled after a surprise shilling by Elon Musk.
Baca lebih lajut »
Counterculture NFT collection Milady Maker surged in volume after Elon Musk tweetThe NFT project saw millions of dollars of trading volume as the floor price rose rapidly following Musk’s tweet.
Baca lebih lajut »
Elon Musk Tweet Sends Milady NFT Collection Floor Price Upwards | CoinMarketCapCryptoNews: ElonMusk's tweets have once again significantly impacted the cryptocurrency market, this time in the world of non-fungible tokens (NFTs). This time, it's 'milady' NFT 👀
Baca lebih lajut »
Sparkling New Meme Coin Soars 9,800% Following Elon Musk's TweetMilady Meme Coin has recorded 12,000% growth amid Elon Musk linking
Baca lebih lajut »