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Intel appeals potential tax bill of $2.4 billion
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Written by Gizmo   
Thursday, 01 March 2007 13:56

Chip maker Intel Corp. said Monday (Feb. 26) 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. 

Read the full story at EETimes:

The company said if it loses the appeal there is a "possibility of a material adverse impact on the results of operations" for the period when the matter is resolved, but added that management does not believe the outcome will affect its financial position, cash flow or results of operations.

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 Securities and Exchange Commission.

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