Taxing Times for Travolta.Actor John Travolta will pay $607,400 in back taxes to settle an Internal Revenue Service dispute dating back more than five years. Under a two-page settlement filed in U.S.. Tax Court, Travolta will pay more than half the $1.1 million in back taxes and penalties sought by the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. for the years 1993 through 1995. Travolta agreed to pay only back taxes, not any penalties, records show. The amounts are $150,547 for 1993, $248,096 for 1994 and $208,757 for 1995. The dispute stemmed from $2.27 million in unspecified Adj. 1. unspecified - not stated explicitly or in detail; "threatened unspecified reprisals" specified - clearly and explicitly stated; "meals are at specified times" losses that Travolta claimed from 1993 to 1995 for a company called ATLO ATLO Ames National Corporation (stock symbol; Ames, Iowa) ATLO Assembly, Test and Launch Operations ATLO Academic Transactional License Option ATLO Air Transport Liaison Officer (UK) Inc., according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. court records. ATLO is a so-called S corporation, a common device wealthy people use to gain tax breaks by having earnings and losses flow through the companies. |
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