French/American media giant Vivendi Universal is facing a $2.7 billion tax bill from the IRS (Internal Revenue Service) resulting from a share deal conducted by Canadian drinks and media company, Seagram five years prior to the firms' merger.
The IRS filed a statement with the SEC (Securities and Exchange Commission) last week which claimed that Seagram Co., acquired by Vivendi in 2000, acted improperly when it reported taxes due on the sale of 156 million shares to chemical company Dupont in 1995.
Vivendi says it has set aside adequate capital if ordered to pay the settlement of $2.7 billion, which is comprised of $1.5 billion outstanding tax and $1.3 billion in interest.
However, the company is appealing against the decision and the case is currently with the Appeals Division of the IRS.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment