{"id":211076,"date":"2023-12-12T17:08:41","date_gmt":"2023-12-12T11:38:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=211076"},"modified":"2023-12-12T17:08:41","modified_gmt":"2023-12-12T11:38:41","slug":"ftx-lawyers-challenge-irs-in-24b-bankruptcy-tax-dispute-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ftx-lawyers-challenge-irs-in-24b-bankruptcy-tax-dispute-crypto-news\/","title":{"rendered":"FTX Lawyers Challenge IRS in $24B Bankruptcy Tax Dispute – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

In a recent development surrounding the FTX bankruptcy case, the company\u2019s lawyers have put forth a strong challenge to the Internal Revenue Service (IRS). They are demanding clarity on how the IRS arrived at its $24 billion tax claim against the now-defunct cryptocurrency exchange. This dispute has added a new layer of complexity to FTX\u2019s ongoing bankruptcy proceedings.<\/span><\/p>\n

A Sharp Decline in Claimed Amount<\/h2>\n

The IRS, which initially filed for $44 billion in April, has seen its claim fluctuate significantly over the past few months.\u00a0 Moreover, by September, the amount was adjusted to $43 billion. In addition, in November, it was further reduced to $24 billion. Despite these <\/span>adjustments<\/span><\/a>, FTX\u2019s stance remains firm since they argue that they owe nothing to the IRS, citing their history of financial losses and the absence of distributed dividends or earnings.<\/span><\/p>\n

<\/p>\n

The IRS\u2019s claim, if upheld, could significantly impact the funds available for <\/span>distribution <\/span><\/a>to FTX\u2019s creditors. The exchange\u2019s legal team is pushing back against what they describe as an \u201cabsurd and meritless\u201d claim. They emphasize that any recovery by the IRS would directly diminish the potential payouts to the victims of the exchange\u2019s collapse.<\/span><\/p>\n

FTX\u2019s Counterarguments<\/h2>\n

<\/p>\n

FTX\u2019s legal representatives have responded to the IRS\u2019s inquiries, addressing over 2,300 information requests and providing the most requested documents. They criticize the IRS\u2019s approach as overly presumptive and lacking concrete evidence. The exchange calls for a more reasonable and expedited resolution process to facilitate quicker distributions to its creditors.<\/span><\/p>\n

With a critical hearing scheduled for December 13, the <\/span>FTX bankruptcy case<\/span><\/a> is at a pivotal juncture. The exchange, which declared bankruptcy last November following a series of financial missteps by its former CEO, Sam Bankman-Fried, is caught in a challenging situation. As it navigates through these legal complexities, the primary concern remains the fair and timely restitution to its numerous creditors and stakeholders.<\/span><\/p>\n

<\/p>\n

Read Also: <\/b>Coinbase Announces SEAM Token Listing and Airdrop<\/span><\/a><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery. <\/p>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"MW-GJ999_jimmy__ZG_20180529101904\"\"MW-GJ999_jimmy__ZG_20180529101904\"<\/div>\n
Wikipedia Co-founder Jimmy Wales Sparks Bitcoin Debate <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"Bonk\"Bonk<\/div>\n
Bonk (BONK) Becomes Third Largest Memecoin at $762M <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"64536a5dbdcd2446ba86dea1_Inu_Corner_Meme_Coin_Weekly_Review_Hope\"\"64536a5dbdcd2446ba86dea1_Inu_Corner_Meme_Coin_Weekly_Review_Hope\"<\/div>\n
January 2024\u2019s Hottest Meme Coins : Top Picks <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent development surrounding the FTX bankruptcy case, the company\u2019s lawyers have put forth a strong challenge to the Internal Revenue Service (IRS). They are demanding clarity on how the IRS arrived at its $24 billion tax claim against the now-defunct cryptocurrency exchange. This dispute has added a new layer of complexity to FTX\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":211077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-211076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/211076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=211076"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/211076\/revisions"}],"predecessor-version":[{"id":211079,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/211076\/revisions\/211079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/211077"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=211076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=211076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=211076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}