Your company might claim to be the industry’s best, but five college students have found out how much bragging can add up to.

Julius Baroi, along with four other University of Central Oklahoma students, founded the loosely-organized party business “Kegheadz” to rake in some extra earning. When the group’s MySpace account boasted the business had “over a billion served,” Oklahoma state tax officials took notice. After an in-depth assessment, the students were hit with a state tax bill for $320,000.

After the assessment, Baroi and the other co-owners claimed their MySpace boasts exaggerated more than slightly — Kegheadz claims to have hosted only 20 parties in the past year in a half. The business has made less than $2,000 since its inception.

But state tax officials aren’t letting up on the students. According to 2007 tax documents, the business actually hosted more than 100 events over the past five years.

Tags: Kegheadz, MySpace, Tax assessment, University of Oklahoma