By Denny Jacob

 

Caterpillar Inc. said Thursday it reached a settlement with the Internal Revenue Service that resolves all issues for tax years 2007 through 2016 without any penalties.

The construction equipment maker said the settlement includes the resolution of disputed tax treatment of profits earned by Caterpillar SARL from certain parts transactions.

Caterpillar said the settlement is within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables the company to avoid costs and burdens of further disputes with the IRS.

"We vigorously contested the IRS's application of the 'substance-over-form' or 'assignment-of-income' judicial doctrines and its proposed increases to tax and imposition of accuracy-related penalties," the company said in a securities filing.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

September 08, 2022 17:42 ET (21:42 GMT)

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