Make us your home page
Instagram

Ralph Hughes' family reaches $22 million settlement on Cast Crete tax bill

The family of the late Ralph Hughes has reached an agreement with the Internal Revenue Service to pay $22 million in taxes owed by Hughes' company, Cast Crete Inc.

That will leave Hughes' family with $16 million to $18 million from a family trust, the family's attorney, Bart Valdes, said Thursday. Hughes, a political power broker and anti-tax crusader, died in 2008 at age 77.

Cast Crete, a Seffner building supplies company, earned $160 million in profit from 2001 through 2007, but paid just $93,717 in taxes, according to federal prosecutors in the recent criminal trial of Cast Crete president John D. Stanton III.

That left Cast Crete a tax liability of $140 million, including interest and penalties.

A federal jury convicted Stanton last month of failing to pay corporate and personal taxes and then obstructing the IRS. Stanton faces up to 10 years in prison when he is sentenced later this year. He is in jail until sentencing.

Cast Crete's future profits will be used to pay back taxes until the $140 million tax liability is eliminated, Hughes' son, Shea Hughes, told jurors at Stanton's trial. Shea Hughes is now operating Cast Crete.

Valdes noted that Ralph Hughes worked on the operations side of Cast Crete, while Stanton handled the company's finances and taxes.

"Ralph Hughes filed his tax returns and paid every penny in taxes he owed," Valdes said.

Ralph Hughes' family reaches $22 million settlement on Cast Crete tax bill 01/17/13 [Last modified: Thursday, January 17, 2013 11:45pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 'Toxic' times: How repeal of Florida's tax on services reverberates, 30 years later

    State Roundup

    TALLAHASSEE — Long before Hurricane Irma attacked Florida, the state faced a troubled fiscal future that the storm will only make worse.

    Robertson says the tax debate is now “toxic.”
  2. Fewer Tampa Bay homeowners are underwater on their mortgages

    Real Estate

    The percentage of Tampa Bay homeowners underwater on their mortgages continues to drop. In the second quarter of this year, 10.2 percent of borrowers had negative equity compared to nearly 15 percent in the same period a year ago, CoreLogic reported Thursday. Nationally, 5.4 percent of all mortgaged homes were …

    The percentage of Tampa Bay homeowners underwater on their mortgages  continues to drop. [Times file photo]
  3. 'What Happened'? Clinton memoir sold 300,000 copies in first week

    Blogs

    Despite being met with decidedly mixed reviews, What Happened, Hillary Clinton's new memoir about the 2016 presidential campaign, sold a whopping 300,000 copies in its first week.

    The new memoir by former presidential candidate Hillary Clinton sold 300,000 copies in its first week.
  4. After Irma topples tree, home sale may be gone with the wind

    Real Estate

    ST. PETERSBURG — To house hunters searching online, the home for sale in St. Petersburg's Shore Acres neighborhood couldn't have looked more appealing — fully renovated and shaded by the leafy canopy of a magnificent ficus benjamini tree.

    Hurricane Irma's winds recently blew over a large ficus tree, left, in the yard of a home at 3601Alabama Ave NE, right, in Shore Acres which is owned by Brett Schroder who is trying to sell the house.
[SCOTT KEELER   |   Times]

  5. Unemployment claims double in Florida after Hurricane Irma

    Business

    The number of Americans seeking unemployment benefits dropped by 23,000 last week to 259,000 as the economic impact of Hurricane Harvey began to fade.

    Homes destroyed by Hurricane Irma on Big Pine Key last week. Hurricane Irma continued to have an impact on the job market in Florida, where unemployment claims more than doubled from the previous week.
[The New York Times file photo]