Drake Plastics Ltd. Co. and its parent company Drake Plastic Products Inc., have filed suit in the US District Court for the Southern District of Texas, challenging what it argues are “egregiously aggressive and wrongful enforcement actions” by the Internal IRS in relation to 831(b) micro-captives.
This comes following a lawsuit filed in the same court by SRA 831(b) Admin and Drake Insurance Co. and Drake Plastics Ltd. Co. in June against the IRS due to claims of abusive regulatory overreach.
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