FTX plans to pay the IRS $200M in priority tax claims and $685M in subordinated tax claims, rather than the $24B claimed by the IRS. FTX argued in bankruptcy court that its owed amount is far less than the IRS's calculation, asserting that the IRS incorrectly included funds misappropriated by Sam Bankman-Fried and other tax liabilities. The IRS disagrees with this argument and plans to seek substantial tax liability if a settlement cannot be reached. The objection deadline for the case is June 17, with a hearing date set for June 25, 2024.