Ex-Pistons owner’s estate, IRS at odds

IRS seeks $2B in taxes from estate of former Pistons owner; lawyers challenge finding

6/22/2013

DETROIT — The estate of former Detroit Pistons owner Bill Davidson is challenging the Internal Revenue Service in U.S. Tax Court over billions of dollars.

The IRS objects to how Mr. Davidson’s accountants valued stock in his company, Guardian Industries, which makes glass and parts for the auto industry, the Detroit Free Press reported Friday.

The IRS argued in a May court filing that Mr. Davidson’s accountants undervalued privately held Guardian stock placed in trusts for family members.

The late billionaire’s attorneys counter in a petition filed last week that the IRS is overvaluing the stock.