
A billionaire that vowed to pay off the debt of an entire college class will pay $140 million to settle a four-year tax probe, a report says
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Billionaire Robert Smith will pay $140 million to settle a four-year tax investigation, Bloomberg reported Wednesday.
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The CEO of private equity firm Vista Equity Partners will admit misconduct, but will not be prosecuted, sources told Bloomberg.
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The settlement amount, which is expected to be made public as early as Thursday, includes back taxes, penalties and interest.
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Bloomberg reported in August Smith had been the subject of a four-year investigation by the Justice Department and Internal Revenue Service into outstanding taxes on $200 million in assets.
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Smith hit headlines last year when he vowed to pay off the student loans of the entire graduating class of 2019 at Morehouse College.
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