The Internal Revenue Service claimed $388 million from the estate of former Detroit Pistons and Tampa Bay Lightning owner Bill Davidson on Wednesday.
Forbes.com's Ashlea Ebeling reported the news and included the official United States Tax Court document that outlined the violations and required payments.
The culprits that accounted for the Davidson estate's tax deficiencies were improper valuations on self-canceling installment notes and corporate stocks.
Of the $388 million total, the most came from gift taxes at $187 million—which comes with a $133,000 tax penalty—followed by estate tax deficiencies of $152 million and generation-skipping taxes amounting to $49 million.