BOSTON (MyFoxBoston.com) -- State Treasurer Steve Grossman may owe more than $500,000 in back taxes.
The Republican reports the taxes may be owed due to a reported error in completing a tax-free exchange of life insurance policies.
Grossman said in a letter given to the State Ethics Commission in June that he had various life insurance policies aggregated into one policy in 2009 through a tax-free change permitted under both state and federal law.
The gubernatorial candidate said "inaccurate information" was provided to his life insurance agents and that information was used in the restructuring of his policies. Grossman said in the letter that the inaccurate information could result in a "substantial tax obligation" that could exceed $500,000.
Grossman notes that the incident occurred prior to being elected as state treasurer. He also said their is a possibility of a lawsuit, adding that any litigation would be a "personal matter."
To read more: masslive.com