Post by Forever Sunshine on Jul 6, 2012 15:57:55 GMT -5
American International Group, the insurance giant saved by a massive federal bailout, says it wants some tax money back — from 1991.
AIG is suing in Federal Claims Court in Washington for $30.2 million. It says that's how much interest is owed from an overpayment 21 years ago.
The company says it underpaid its taxes in the late 1990s. But it claims it overpaid in 1991, so the interest owed in the various tax disputes works out in AIG's favor.
AIG says it filed the lawsuit on Thursday because the statute of limitations on its claims was about to run out.
The Internal Revenue Service is run by the Treasury Department, which also owns about 70 percent of AIG common stock. AIG still owes about $17.5 billion to the government.
bottomline.msnbc.msn.com/_news/2012/07/06/12602774-bailed-out-aig-wants-302-million-in-tax-interest?lite
AIG is suing in Federal Claims Court in Washington for $30.2 million. It says that's how much interest is owed from an overpayment 21 years ago.
The company says it underpaid its taxes in the late 1990s. But it claims it overpaid in 1991, so the interest owed in the various tax disputes works out in AIG's favor.
AIG says it filed the lawsuit on Thursday because the statute of limitations on its claims was about to run out.
The Internal Revenue Service is run by the Treasury Department, which also owns about 70 percent of AIG common stock. AIG still owes about $17.5 billion to the government.
bottomline.msnbc.msn.com/_news/2012/07/06/12602774-bailed-out-aig-wants-302-million-in-tax-interest?lite
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