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P&G Turns Tables on the IRS

Sues Agency over $435 million tax bill

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By: TOM BRANNA

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Procter & Gamble Co.  is suing the U.S. government for nearly $435 million. P&G says the government owes it that amount in taxes and interest after it was “erroneously and illegally assessed” in an IRS audit. The IRS had billed P&G in June after an audit of returns for its 2001-2005 tax years, the lawsuit states. P&G says it paid the additional taxes and interest the IRS claimed were owed, but is suing to get the money back. The dispute stems over credits and d...

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