AIG Claims It Overpaid Taxes, Sues Government
Posted on Mar 20, 2009
Having succeeded in dispensing tens of millions of dollars to company executives last week as the country—and Congress—cried foul, the insurance titan is now suing the government to reclaim millions in taxes. Apparently AIG officials believe they paid the IRS too much and now are demanding a huge tax rebate.
The Washington Post:
The big insurer is trying to recover $306.1 million of taxes, interest and penalties from the Internal Revenue Service. Among other things, AIG is contesting an IRS determination last year that the company improperly claimed $61.9 million of tax credits associated with complex international transactions.
AIG has also asked a court to make the government reimburse it for money spent suing the government.
[...] AIG believes it overpaid the IRS, and it “has a duty to its shareholders, including the government and other shareholders, to insure that it pays the proper amount of taxes,” spokesman Mark Herr said by e-mail.