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Renaissance Executives Face $7 Billion Fine in Tax Dispute with IRS

Detail closeup of current tax forms on money

Renaissance Technologies LLC’s executives, that include current and former chiefs, are facing up to $7 billion in tax settlement, according to the Wall Street Journal.

The dispute, which includes taxes, interests, and penalties, relates to activities by Renaissance’s Medallion fund between 2005 and 2015 that involved the conversion of short-term trading gains into long-term profits.

The Internal Revenue Service is accusing Renaissance of misusing complex structures for unjustified tax savings claims.

Renaissance pioneer, who resigned as the firm’s chairman on January 1, will pay an additional $670 million, and also pay taxes related to his gains.

Since the tax settlement relates to Medallion’s gains, it does not affect the historical returns of the Renaissance fund.

Scrutiny on Renaissance tax reporting started more than seven years ago, with the $7 billion settlement expected to be the most significant tax settlement in history.

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