1. IRS: Valence investor, Berg, understated income by $110M

    IRS: Valence investor, Berg, understated income by $110M
    The Internal Revenue Service says a venture capital business of billionaire Carl E. Berg, the unassuming, low-key New Mexico native who made his fortune in the Silicon Valley, understated its income by $110 million and owes $44 million in back taxes and penalties. ... Over the past two decades, Berg has spent more than $100 million for a 52% stake in Valence Technology, an Austin, Tex. company trying to develop batteries that will power cars. So far, there’s been no payoff. “This is a very tough business, but it has enormous potential,” Berg told Forbes earlier this year.
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