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Stabler to sell home to pay off tax debt

JohnDeere

By JohnDeere
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JohnDeere 0

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Stabler to sell home to pay off tax debt

MOBILE | Former football star and Crimson Tide broadcaster Kenny Stabler has agreed with the IRS to sell his Ono Island house on the Alabama coast to pay a tax debt exceeding $500,000, according to federal court records.

Attorneys for Stabler, his estranged wife, Rose Burch Stabler, and the Justice Department asked a judge in Mobile to put a lawsuit against the Stablers on hold for six months to give the property a chance to sell.

Senior U.S. District Judge Charles Butler Jr. did not immediately rule on the request filed last week.

The Justice Department in August sued the Stablers and the 61-year-old former quarterback’s one-man business, the Stabler Co., seeking the seizure of the house on Ono Island, near the Alabama-Florida border, and property in Mobile to satisfy the tax debt.

Stabler was one of several investors in Twelve Steakhouse on the Strip in Tuscaloosa. The restaurant opened in July 2006.

Stabler’s lawyer, Robert Galloway, told the Press-Register on Friday that his client continues to dispute the amount of taxes calculated by the IRS but concedes he does owe some money.

Galloway said he is confident Stabler’s half of the proceeds from a sale will be enough to resolve the case.

“We reached an agreement with the IRS that we’re going to sell the house rather than have the IRS seize it," he told the Mobile newspaper for a story Saturday.

The lawsuit claims Stabler owed $241,565 in back income taxes, interest, fees and penalties as of Aug. 7. The period covered ran from 1999 to 2001.

The government claims that his company, which arranges his public speaking and consulting engagements, owed $303,282 in back income and employment taxes, interest, fees and penalties for the period between 1995 and 2000.

The civil action accuses Stabler of moving money from the company to his personal account to avoid paying corporate taxes. It states that he transferred nearly $1.4 million from the Stabler Co. to himself in the form of “loans" in 1998 and 1999.

At the time, Stabler had complete control over the company’s finances and was its only shareholder and officer, according to the complaint.

“If it had not been for the improper control exerted by Stabler over Stabler Company, the corporation would have been able to satisfy its tax obligations," the suit states.

Galloway disputed that Stabler was trying to hide any assets. He suggested that confusion over income generated by the company caused the tax problems. Money essentially got taxed twice, once as business income and then again as personal income to Stabler, Galloway said.

The attorney added that he does not know why Stabler created the company rather than charge payments directly for his appearances.

Galloway said Stabler has not been accused of failing to file returns.

“He’s been filing returns and didn’t always have the money to pay the taxes," he said.

In his playing days, Stabler earned the nickname “Snake" for a long, winding touchdown run he made for the Foley High School Lions. He went on to lead coach Paul “Bear" Bryant’s Alabama team to the 1965 national championship.

Stabler starred in the NFL for 15 seasons, earning the league’s most valuable player award in 1974 and directing the Oakland Raiders to their first Super Bowl in 1977.

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runswithscissors Founding Father

runswithscissors 33

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How about a link so that we give proper credit to the fine media institute this comes from?

tidesports.com

From those fine folks over in West Vance.

actually the article came from the mobile press register....tidesports must have copied it. read it in there the other day.

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auwallace Veteran

auwallace 6

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he'll have enough left over from selling his house on ono to buy another back in wolf's bay

theres some nice condos going in on wolf bay where sandy creek and wolf creek split off

booo, no condos, ps-pirate's cove is my personal heaven

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WAR-MATT Founding Father

WAR-MATT 2

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he'll have enough left over from selling his house on ono to buy another back in wolf's bay

Especially if a member of the REC buys it from him. ;)

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otterinbham Founding Father

otterinbham 0

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Man. You'd think that Ken would have gotten some decent tax advice before trying to pull a fast one on the IRS. I've been a business owner for 15 years, and my practically make my accountant approve everything in blood before I make any distributions to myself.

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runswithscissors Founding Father

runswithscissors 33

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he'll have enough left over from selling his house on ono to buy another back in wolf's bay

theres some nice condos going in on wolf bay where sandy creek and wolf creek split off

booo, no condos, ps-pirate's cove is my personal heaven

not a high rise condo, 4 story condo. if you were standing on the pier at wolf bay lodge and looked out and a little to the right its right there. i launch my boat in roberts bayou behind pirates cove.

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quietfan Founding Father

quietfan 233

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Whether it's Redd Foxx, Willie Nelson, or Kenny Stabler, I find it very hard to have any sympathy for people of that financial stature getting in tax trouble. Heck, for that kind of money, hire two independent accountants and have them double check each other!

But then, barring a miracle with a lottery ticket. I'll never know the problems of the rich. :rolleyes:

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