Kozlowski settles NY tax evasion case for $21M
14.05.2006 08:00 Category two - Source: CNNMoney.com
NEW YORK (Reuters) - Former Tyco International Inc. chief executive Dennis Kozlowski will pay $21.2 million to settle a New York state tax case, Manhattan District Attorney Robert Morganthau said Friday.
Kozlowski will pay $3.2 million in taxes, fines and penalties, in connection with evading New York state and city sales tax on purchases of artwork totaling more than $15 million.
He will also pay $18 million in New York state and city income taxes, fines and penalties, stemming from the evasion of $8.2 million in income tax.
Morganthau said once Kozlowski has made payment, the DA's office will ask the court to dismiss the pending indictment on sales tax charges.
Under the agreement, Mr Kozlowski will attempt to make these payments by September 19.
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