Intel Appeals Potential Tax Bill of $2.4 Billion
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Chip maker Intel Corp. said on Monday it was appealing an Internal Revenue Service tax adjustment related to export sales that could increase its tax due by $2.4 billion from 1999 through 2006. Now that is what I would call a tax bill!
Intel has been contesting the issue since August 2003 when the IRS first gave it notice of the adjustment. Intel said its federal income tax for 1999 through 2005 would increase by about $2.2 billion plus interest if it loses its appeal against the IRS, the company said in its annual report filed at the U.S. Securities and Exchange Commission. The IRS would also likely make a similar claim for 2006, potentially increasing Intel’s tax due by about $200 million, plus interest, if it prevails, the company said.
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