Intel receives $275 million benefit from tax settlement
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Intel said Thursday that it will receive a $275 million tax benefit from a settlement with the Internal Revenue Service. That is a nice little chunk of change!
In a filing with the Securities and Exchange Commission, Intel said it reached a settlement with the IRS for tax years 2003 to 2005. The IRS also told the company earlier this week that it had closed its examination of returns for 1999 to 2002, according to the filing. As a result, Intel said it would reduce the current quarter’s tax provision by about $275 million and reduce its projected income tax rate for 2007 below its previous forecast of 30 percent.
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