Pohlads Get $200M Reduction in Tax Bill

MINNEAPOLIS (AP) — The Internal Revenue Service has settled a nearly $256 million claim on the estate of billionaire Carl Pohlad for a fraction of what the agency demanded.

Documents filed in federal tax court show the Pohlad family will pay the IRS $36 million, plus about $7 million in penalties and interest, in a dispute over the estate's ownership interest in the Minnesota Twins.

The IRS claimed Pohlad's interest in the Twins was $293 million when he died in 2009. The family argued it was $24 million because Pohlad has transferred the bulk of ownership to his three sons before his death.