According to TechFlow, The Block reported that according to the legal documents on June 3, FTX plans to pay $200 million in priority taxes and $685 million in subordinated tax claims to the IRS. 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 far less than the $24 billion the IRS claimed. Previously, the IRS claimed FTX owed $44 billion in taxes, but later lowered the amount to $24 billion.
The FTX debtors, who managed the company during its bankruptcy, believe that the IRS incorrectly included funds misappropriated by Sam Bankman-Fried and other tax liabilities in its calculations. The IRS disagrees with the debtors’ arguments and plans to seek a large tax liability if a settlement cannot be reached. The objection deadline in the case is June 17, with a hearing date of June 25, 2024.
