GE doesn’t want to pay their fair share.
Via The Courant
General Electric Co is suing the Internal Revenue Service for a $658 million tax refund related to a tax loss the company claimed as it exited the reinsurance market more than a decade ago.
In a civil complaint filed on Friday in U.S. District Court for Connecticut, GE said the IRS wrongly disallowed a $2.2 billion loss it claimed from the 2003 sale of a reinsurance subsidiary.
The complaint said GE, a large conglomerate that sells jet engines and financial products, is owed a $439.3 million federal income tax refund plus $219 million in interest. A court date has yet to be set.
“The dispute involves a good-faith difference of opinion over the tax consequences of a restructuring done more than a decade ago,” GE spokesman Seth Martin said in a statement. “While we have paid the taxes in question, we believe it is in all parties’ interests to resolve this through a court decision,” he said.