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Abel Maldonado breaks from family business amid IRS beef
|Last Edited||Jason May 11, 2012 06:39pm|
|News Date||Friday, April 6, 2012 12:00:00 AM UTC0:0|
|Description||Central California congressional candidate and former lieutenant governor Abel Maldonado Jr. is haggling with the Internal Revenue Service over some $470,000 in disputed taxes, court records show. |
The IRS says the money is owed for errors in some complex deduction and depreciation calculations. Maldonado, in turn, is challenging the agency in U.S. Tax Court, even as he pledges to commit his own funds into a race against Rep. Lois Capps, D-Santa Barbara.
"I believe we paid the correct amount of taxes and followed the rules as we understood them," Maldonado, a Santa Maria Republican, said. "If the IRS finds differently, I will pay the taxes due with interest."
The tax dispute concerns income from a family farming venture, Agro-Jal Farming Enterprises, as well as a rental partnership. After the Democratic Congressional Campaign Committee posted an online reference to the Tax Court issue as part of a broader campaign attack, Maldonado said this week that he was filing paperwork to dissolve his involvement in Agro-Jal Farming.
"I'll miss working with my family members in the company I help found, but they don't deserve to have their privacy invaded every time my name is on the ballot," Maldonado said.