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Rating:Ex-W&R Chief in Trouble with the Taxman Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 18, 2005

Ex-W&R Chief in Trouble with the Taxman

by: Theresa Sim

Former head of Waddell & Reed Keith Tucker is in hot water over losses claimed on tax filings from the past few years, reports the Kansas City Star.

Tucker is already battling IRS claims for $21.7 million in taxes and penalties from 2000, and now faces an additional $6.6 million for filings in 2001, reports the Star.

At issue in both cases are losses from foreign currency trades in tax shelters that Tucker and his wife bought from KPMG. The Tuckers claimed that they lost $52.9 million from 2000 and 2001. Their adjusted gross income during those years was $59.3 million.

The IRS characterizes the losses as lacking "economic substance," according to the Star.

Tucker left the broker-dealer and money management firm in May, after working through the firm's own legal and regulatory issues related to the sales of variable annuities. Tucker still has a $6 million contract to serve as a consultant to the firm for eight years. 

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