Ex-HP boss Ray Lane reportedly in $100 million spat with IRS
The former chairman of Hewlett-Packard is appealing an IRS claim that his partnership was an improper tax shelter, according to a Bloomberg report.
The last six months haven't been kind to Ray Lane.
According to a Bloomberg report, the former chairman of Hewlett-Packard has been fending off an IRS case putting him on the hook for a $100 million in taxes, all while he was trying to steer HP through snafus that culminated in his departure from the board.
Tax-court documents show the IRS in December found that Lane improperly used his partnership, Vanadium Partners Fund LLC, to claim $251 million in losses to offset income. Lane has appealed, disputing the agency's claim that his fund lacked legitimate business purpose.
Lane, who is now a partner emeritus at venture-capital firm Kleiner Perkins Caufield & Byers, had a tumultuous tenure at HP, which ended with his.
During his time as chairman, HP acquired Autonomy for $11 billion but then booked $8.8 billion in charges as it swallowed the diminished value of the asset. HP later said Autonomy's accounting was suspect.