A California businessman pleaded guilty to not reporting $15 million in capital gains from the sale of real estate.

Luke D. Brugnara was in the business of acquiring and renting real estate in the San Francisco area and elsewhere. In February 1998, the IRS requested copies of Brugnara’s individual income tax returns for the years 1990 to 1996, in addition to copies of tax returns for Brugnara Corporation. Brugnara returned those notices to the IRS with a notation indicating that the tax returns were already filed. At about the same time, Brugnara applied for a gaming license to operate a casino after acquiring the Silver City Casino in Las Vegas.

The Nevada Gaming Control Board began an investigation as part of Brugnara’s application for a gaming license. The investigation included an inspection of his tax filings. During the check, investigators discovered Brugnara had not filed tax returns for the years 1991 to 1998.

Brugnara further admitted that in January 2000, he sold two properties in San Francisco and did not list the sales of these properties on his 2000 federal income tax return, which he knew he was required to provide on the Form 1040 for 2000.

As part of the plea agreement, Brugnara agreed to a prison term of between 18 and 24 months. He also agreed to pay a fine of $30,000 and restitution of $343,038.

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This entry was posted on Friday, July 17th, 2009 at 3:38 pm and is filed under IRS Tax Cases, IRS Times and Inquirer. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.