IRS: Billionaire Carl Berg Understated Income by $110M

Carl Berg

From forbes.com -The Internal Revenue Service says a venture capital business of billionaire Carl E. Berg, the unassuming, low-key New Mexico native who made his fortune in the Silicon Valley, understated its income by $110 million and owes $44 million in back taxes and penalties.  Berg certainly is no stranger to tax woes. In 2000 he made the mistake of buying a tax shelter from sketchy Dallas promoter Gary M. Kornman to generate $18 million in losses that could be used to shield similar profits. As Forbes reported in 2007, the IRS later called the deal a sham, costing Berg an estimated $6 million in tax penalties, interest and legal fees.   More News New Mexico

IRS: Billionaire Carl Berg Understated Income by $110M