[IP] Tax refunds on overstated profits

[Dave Farber <dave@farber.net>]

Isn't there something about filing fraudulent tax returns?

Dave


------ Forwarded Message
From: Seth Grimes <grimes@altaplana.com>
Reply-To: Seth Grimes <grimes@altaplana.com>
Date: Sat, 03 May 2003 14:57:17 -0700 (PDT)
To: Dave Farber <dave@farber.net>
Subject: Tax refunds on overstated profits

Did you see this one? --

http://www.washingtonpost.com/wp-dyn/articles/A7656-2003May2.html

Firms Want Refunds Of Tax on Fake Profit
MCI Collects Almost $300 Million

By Anitha Reddy and Christopher Stern
Washington Post Staff Writers
Saturday, May 3, 2003; Page E01

Some companies under investigation for fraudulently inflating their
earnings over the past few years said yesterday that they have asked or
may ask the Internal Revenue Service for refunds of taxes they paid on
fake profits.

MCI, formerly known as WorldCom Inc., has already collected nearly $300
million in overpayments from the IRS, a company spokeswoman said. The
telecommunications giant's accounting irregularities total $11 billion.

Enron Corp., which concealed mountains of debt in a tangle of transactions
that auditors have yet to unravel, is also talking to the IRS about past
taxes, said Mark Palmer, an Enron spokesman.

<rest clipped>


------ End of Forwarded Message

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