Caterpillar Says Settlement with IRS Reached for Past Tax Years Without Penalty
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
Write to Denny Jacob at firstname.lastname@example.org
(END) Dow Jones Newswires
September 08, 2022 17:42 ET (21:42 GMT)
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