| A young former day-trader from Barcelona has inadvertently accumulated $172 million in back taxes after neglecting to report his activities to the IRS, the existence of which the man had been unaware of until recently, according to the New York Daily News. Moving to New York City in 2006 to try his hand at the market, he moved back home one year later after taking significant losses. However, by not reporting his losses or expenses to the IRS, the government simply assumed that all his trading activity resulted in nothing but pure profit and so taxed him on $500 million worth of income that he never actually had. When informed by his friends of what was going on, the man allegedly asked “who’s the IRS?” |
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