IRS claims Motorola owes $500 million in back taxes
IRS claims Motorola owes $500 million in back taxesMotorola, Inc says the Internal Revenue Service claims the cellphone maker owes 500 (M) million dollars in additional tax liability for the years 1996 through 2000.
According to Motorola's second-quarter report, the I-R-S completed a field examination of the company's 1996 through 2000 tax returns in June and told Motorola of proposed adjustments primarily related to transfer pricing.
Also in the filing, Motorola said the Indian Supreme Court stayed in July a Bombay High Court order that restrained Motorola from removing any of its assets in India until $120 million has been deposited with the High Court, pending trial of a suit filed by Iridium India Telecom Ltd.
Iridium India filed a civil suit in September 2002 in the Bombay High Court against Motorola and Iridium LLC, a satellite-based telephone service financially backed by Motorola prior to its 1999 bankruptcy.
Iridium LLC's $5 billion in assets were eventually purchased by an unaffiliated investment group named Iridium Satellite LLC for $25 million.
Oakland Tribune Online - Business News
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