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AUTO LENDER APPEALS IRS ADJUSTMENT: GOV'T DEMANDS $5 MILLION FROM CHICAGO ACCEPTANCE.
Crain's Chicago Business, November, 1998 by MOSKAL, JERRY
WASHINGTON -- After Chicago Acceptance Corp. paid an affiliated company management fees, the firm and its owners found themselves with a $4.8- million tax bill. The owners, Alvin and Barbara Doppelt of Northbrook, as well as Chicago Acceptance and Adco Management Co., both of Skokie, last month filed separate petitions appealing the Internal Revenue Service rulings demanding additional tax payments and adjusting Adco's tax returns.
``Ultimately, we will prove (our case),'' Mr. Doppelt vowed. ``We're trying to resolve this issue.'' He and his wife are appealing an order to pay $2.6 million in additional taxes, and Chicago Acceptance, $2.23 million, for 1993-94. Adco Management is also challenging adjustments increasing its taxable income for those two...
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