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In 1990, the Internal Revenue Service (IRS) began auditing
KBI. KBI and the Examination Division of the IRS could not
resolve the tax liability; so, in July of 1991, KBI filed a
protest with the Appeals Office of the IRS. The Appeals Office
and KBI resolved the matter, and on October 4, 1993, the IRS
assessed corporate income tax deficiencies, additions to tax,
penalties, and interest for 1986 through 1989 against KBI as
follows:
Year Tax Assessed Additions to Tax Penalties Interest1
1986 $217,629 $10,882 --- $188,875.56
1987 175,819 8,791 --- 120,203.59
1988 80,136 4,007 --- 44,337.10
1989 121,302 --- $6,065 45,986.62
1 Interest to Oct. 4, 1993.
Additionally, on December 20, 1993, the IRS assessed corporate
income tax deficiencies and interest for 1990 and 1991 against
KBI as follows:
Year Tax Assessed Interest1
1990 $211,342 $54,069.80
1991 77,442 10,695.95
1 Interest to Dec. 20, 1993.
Sometime after March 30, 1994, the IRS took action to
collect KBI's unpaid corporate income taxes. The IRS seized all
of KBI's assets it could locate with the exception of KBI's
assets located in Mexico.
The IRS is the only known unpaid creditor of KBI.
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Last modified: May 25, 2011