Does Philip Anschutz owe the IRS $143.6 Million?

Here's one way to diversify out of a large block of stock, without immediate tax on capital gain: dispose of the shares via a "variable prepaid forward contract." Just one problem: the IRS may contend it's merely a disguise for a taxable sale. The Wall Street Journal reports that the IRS is seeking $143.6 million in back taxes from billionaire Philip Anschutz.

A Reuters story based on the WSJ scoop is here.