Steve Parks, King Coal Venture Await Outcome of IRS Investigation

by George Waldon  on Monday, Oct. 22, 2012 12:00 am  

King Coal LLC, led by Steve Parks, will be setting up shop in new digs at 1616 Brookwood Drive in Little Rock. The move comes after another Parks-led venture, King Coal Holdings, bought the property in May for $850,000 cash.  (Photo by Michael Pirnique)

What happens next?

"We just cooperate with them and give them the records and wait to hear from them," Sayre said.

According to IRS protocol, the agency typically doesn't take the unusual step of seizing records unless there is evidence indicating the subject may destroy records, the subject is attempting to obstruct the investigation, other attempts to acquire the records were ineffective or other methods of acquiring the records may compromise the investigation.

Tax Questions

Parks has outstanding personal tax issues with the state dating back several years. It's unclear what connection, if any, these past tax troubles have with the federal inquiry.

The Arkansas Department of Finance & Administration filed a lien against Parks for unpaid 2005 taxes of $171,835 on Oct. 13, 2008. Eight months ago, DF&A filed a lien against him and his wife for unpaid taxes of $109,342 dating from Dec. 31, 2006.

The second lien is against the couple's personal property, their house and any other real estate they own. The first one is linked with any assets Parks owns individually.

According to real estate records, their 6,000-SF home carries no debt. Ownership of the residence, built in 1946 and expanded in 2010, is held in Anna's name.

King Coal Holdings LLC, a Parks-controlled entity, completed two cash purchases of Little Rock real estate this year totaling $1.1 million.

The limited liability company paid $300,000 in July for a 1,450-SF house that adjoins the couple's Country Club Heights home. Neighbors indicate Parks bought the house to further expand his family's residential property.

King Coal Holdings bought a 21,080-SF office building at 1616 Brookwood Drive in the Riverdale area for $850,000 in May. The property will become the new home for King Coal LLC.

"We've broken ground," Parks said. "We're giving the building a facelift to make that place special. It's where we're going to put our lab."

 

 

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