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IRS: HP's Ray Lane Owes $100 Million

Jonathan Alcorn | Bloomberg | Getty Images

Former Hewlett-Packard (HPQ) chairman Ray Lane has a $100 million tax bill from the IRS as the result of a tax dispute.

In December, the IRS found Lane participated in a "sham" tax shelter, generating improperly claimed losses of $251 million to offset income, according to court documents provided by Lane's attorney.

Lane says that the IRS was wrong to say his partnership, Vanadium Partners Fund LLC, lacked "legitimate business purpose."

Lane stepped down from his role as HP's executive chairman in April, but kept a seat on the company's board. Shareholders had tried to oust him from the board in the wake of HP's purchase of software firm Autonomy.

In May, he resigned from the board of Fisker, an electric car company, after it filed for bankruptcy.

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