The High Court of Justice last week rejected a motion by Eliezer Fishman and his wife Tova on a 2006 tax assessment. As a result, the tycoon will have to pay the state some 196 million shekels ($51.5 million).
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Fishman had appealed a lower court ruling from 2014, which had rejected his claim to offsetting capital losses against capital gains he had earned from selling stock.
The Israel Tax Authority may now seek to have Fishman, who has unpaid debt to Israel’s banks, declared bankrupt. Last year, the authority sought to have Fishman pay the 196 million tax due after he failed to make a 25 million deposit against future payments following the lower court's decision.