Odaily Planet Daily News According to legal documents on June 3, FTX plans to pay the IRS $200 million in priority taxes and $685 million in subordinated tax claims. Priority tax claims, such as taxes, are payments that must be paid before other debts, while subordinated claims are paid only after priority obligations are fulfilled. FTX argued in bankruptcy court that the amount it owed was much less than the $24 billion claimed by the IRS. Previously, the IRS claimed that FTX owed $44 billion in taxes, but later reduced the amount to $24 billion. The FTX debtors, who were responsible for managing the company during its bankruptcy, believe that the IRS mistakenly included the funds misappropriated by Sam Bankman-Fried and other tax liabilities in its calculations. The IRS disagrees with the debtor's argument and plans to seek huge tax liabilities if a settlement cannot be reached. The objection deadline for the case is June 17, and the hearing date is June 25, 2024.