The Internal Revenue Service is suing Billy Joe "Red" McCombs, namesake
for UT's business school. The IRS claims McCombs owes $45 million in
taxes from when he sold shares of Clear Channel Communications back in
2002.


McCombs claims that by law too much time has passed for the IRS to initiate legal proceedings on the matter.


Tuesday, McCombs announced his investment in Formula 1 racetrack.
According to Forbes magazine, McCombs' net worth is $1.7 billion