Celebrity Watch: Michael Vick adds back-taxes to list of woes
Former NFL quarterback Michael Vick, currently serving a prison term for criminal conspiracy resulting from felonious dog fighting, filed for Chapter 11 bankruptcy protection earlier this month and has requested more time for preparing the paperwork in his bankruptcy proceeding. Vick claims debts ranging from $10 to $50 million and assets in the same range on his bankruptcy application.

The 28-year-old, nicknamed "Bullet" by his father for his speed on the football field, has asked to appoint adviser David Talbot as the manager responsible for handling his affairs while the former Atlanta Falcon serves his time in prison.

A problem has arisen, however regarding the payment given to Talbot. Court records show that Talbot has received payment so far in the form of an $80,000 Mercedes-Benz given to him by Vick six weeks ago.

As a Virginia judge conducted a hearing by phone with Vick from prison at Leavenworth, Fox reports, the IRS had a representative on hand to remind the court Vick may owe back taxes. The IRS has placed a lien on the Mercedes.

Stars Behind Bars
A ruling on Vick's motions is expected July 28.

AccountingWEB.com Jul-23-2008
Categories: Taxation, Celebrity, Top News
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