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Hawaii 5-0 07-11-2012 03:20 AM

Kenny Stabler owes $265,000 to IRS
 
House sales not enough; Kenny Stabler owes $265,000 to IRS

Published: Thursday, July 05, 2012
By Brendan Kirby, Press-Register

http://media.al.com/live/photo/8056805-large.jpg

Kenny Stabler sits in the courtroom during a recess in his DUI trial at Robertsdale City Hall in Robertsdale, Alabama, on Wednesday, Oct. 22, 2008. A federal judge last week issued a final judgment in a tax lawsuit, declaring that he owes more than $265,000 in back taxes and penalties to the Internal Revenue Service. (Press-Register/G.M. Andrews)

MOBILE, Alabama -- The sale of Alabama football legend Kenny Stabler’s last piece of property brought in $157,000, but it was not enough to satisfy his tax debt to Uncle Sam.

A federal judge in Mobile last week issued a final judgment in a civil case, declaring Stabler and his company’s tax debt to be more than $265,000 plus interest.

“It had just been sitting on the back burner,” said Stabler’s attorney, Robert Galloway. “It was just kind of cleaning up a loose end.”

Stabler’s debts, as of June 4, break down as follows:

$125,685.76 in unpaid income taxes in 1999 through 2001.

$134,166.28 in unpaid income taxes by the Stabler Co., in 1995 and 1998 through 2000, plus a $5,509.76 civil penalty. The Stabler Co. was a firm Stabler set up to arrange his speaking appearances and consulting work.

Now that Senior U.S. District Judge Charles Butler Jr. has issued the final judgement, Galloway said, he intends to negotiate a payment plan with the Internal Revenue Service. He said Stabler, 66, would make monthly payments based on his income, which at this point is pretty much limited to appearances at NFL events.

“He’s pretty much retired,” he said.

Of the price that Stabler’s 2-story house on North Joachim Street in Mobile’s historic De Tonti Square fetched, $9,420 went to the court-appointed receiver, $2,842.65 paid for an appraisal and $79,652.02 paid off the mortgage held up Chase Home Financial. The IRS got the rest.

Meanwhile, Stabler’s debt continues to grow, currently at an annual interest rate of 3 percent.

Under federal law, a tax debt lasts for 10 years unless the IRS files suit, which it did in 2006. By getting the judgment, the tax agency now has 20 years to collect, Galloway said.

The lawsuit also was necessary for the IRS to be able to seize Stabler’s primary residence, which at the time was a 2,850-square-foot home on Ono Island on a half-acre, with access to the Gulf of Mexico. He later moved out, relocating to the property at 260 N. Joachim St.

After a protracted battle with Stabler’s estranged wife, Rose -- who did not want to give up her share of the Ono Island house -- the IRS took possession of the house and sold it in 2009 for $680,000. Rose Stabler received half of that.

The sale of the Joachim Street property occurred last year. The Turner Foundation of Birmingham bought it and spent $150,000 to $200,000 renovating it for offices for the foundation’s for-profit court transcription company, Freedom Court Reporting.

Stabler starred on the gridiron at Foley High School -- where he earned the nickname “Snake” after a long and winding touchdown run -- before going on to play quarterback under iconic coach Paul “Bear” Bryant at the University of Alabama. His 15-year NFL career, mostly with the Oakland Raiders, included a victory in Super Bowl XI.

Stabler also enjoyed a second career as a broadcaster, providing radio commentary for his alma mater. But he left the air in 2009, following his 3rd drunken driving arrest.

A Robertsdale city judge acquitted him of the charge.

The DUI charges are part of a tumultuous personal and professional life that also has included 3 marriages and the IRS problems.

Galloway said he does not know what specifically led to his client’s personal and business tax debt.

“It just didn’t get paid,” he said.

http://blog.al.com/live/2012/07/hous...h_kenny_s.html

Galax Steeler 07-11-2012 05:41 AM

Re: Kenny Stabler owes $265,000 to IRS
 
Why do alot of players end up in these situations?

Vis 07-11-2012 07:58 AM

Re: Kenny Stabler owes $265,000 to IRS
 
Quote:

Originally Posted by Galax Steeler (Post 1017951)
Why do alot of players end up in these situations?

They don't know enough about overseas tax shelters.

MasterOfPuppets 07-11-2012 11:28 AM

Re: Kenny Stabler owes $265,000 to IRS
 
Quote:

Galloway said he does not know what specifically led to his client’s personal and business tax debt.
DUH.... it mentions the source of all his problems in this article...
Quote:

professional life that also has included 3 marriages
Quote:

After a protracted battle with Stabler’s estranged wife, Rose -- who did not want to give up her share of the Ono Island house -- the IRS took possession of the house and sold it in 2009 for $680,000. Rose Stabler received half of that.

MasterOfPuppets 07-11-2012 11:34 AM

Re: Kenny Stabler owes $265,000 to IRS
 
hey S & B.... your hero needs ya to float him a loan ...:chuckle:

Vis 07-11-2012 02:34 PM

Re: Kenny Stabler owes $265,000 to IRS
 
The other issue they have is receiving free shit all the time without realizing it's income until they get the audit back

Atlanta Dan 07-11-2012 08:19 PM

Re: Kenny Stabler owes $265,000 to IRS
 
During the mid-1970s I thought Stabler was headed to Canton - instead he flamed out quickly after 5 peak years (1973 - 1977) and lifestyle issues developed while he was on top have dragged him down since then


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