Gov’t: Real Estate Agent Owes $800,000
A grand jury in Baltimore indicted commercial real estate broker Henry Cole, 55, of Lutherville, Md., for filing three false federal tax returns. The government alleges Cole owes approximately $900,000 in taxes.
According to the three-count indictment, Cole filed individual federal tax returns for tax years 2001 to 2003 in which he falsely claimed $2 million as capital gains to be offset by carry-forward losses when in fact the money was ordinary income; falsely claimed a portion of an $800,000 charitable deduction for an easement donated to a trust when in fact he had failed to donate the easement and the easement had not been appraised for $800,000; and falsely claimed $345,000 of business expenses which he in fact had not incurred. He also failed to include an additional $98,200 in income on his 2003 tax return.
Cole faces up to three years in prison and a fine of up to $100,000 on each of the three counts.
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