IRS investigating facility owner's bond deals
The Internal Revenue Service is investigating Dallas-based Greenbriar Corporation for tax-free bond transactions it engaged in between 1991 and 1992. The deals are related to the purchase and sale of four Georgia homes. The federal bureau sent the company a letter Jan. 8, saying it was considering penalties.
Greenbriar, which has shifted its focus to real estate, owns or leases retirement and assisted living facilities housing nearly 300 residents in four states. Most recently, Greenbriar acquired an outlet mall in Gainesville, TX, for nearly $7 million, as well as Gaywood Oil & Gas, which owns 110 oil and gas leases in East Texas and Van Fields.
Greebriar said it disagrees with the IRS' accusations.