Intel has been notified that it may have to pay approximately $600 million in back taxes, plus interest, the company disclosed in a regulatory filing Wednesday.
The Santa Clara, California, chip maker said that during a regular review of its tax returns for the years 1999 and 2000 the Internal Revenue Service proposed an adjustment relating to the company's tax benefit for export sales.
Furthermore, in the filing submitted to the U.S. Securities and Exchange Commission, Intel said that the IRS may make similar claims for years subsequent to 2000 in future audits.
Ongoing Dispute
"The company disputes the proposed adjustments and intends to pursue this matter through applicable IRS and judicial procedures, as appropriate," Intel stated in the filing.
The company added that if it has to pay the back taxes there "exists the possibility of a material adverse impact on the results of operations for the period."
Intel reported revenue of $6.8 billion for the second quarter of 2003, compared to revenue of $6.3 billion for the year-ago period. Net income increased 101 percent from the second quarter of last year, to $896 million.
Shares of the company (INTC) closed down 0.54 percent Wednesday at $24.14 a share.
Would you recommend this story? YES NO
- Recommend:
- 0 Comments
-
Lenovo IdeaPad
See why the IdeaPad tablet is optimized for ultimate entertainment.
-
Stellar Tech Deals
Don't miss out on great deals from around the web.
-
ThinkPad Edge E420 Lenovo Style in an Affordable Package
Buy now direct from Lenovo -
ThinkPad X220 Fast and light, with great input ergonomics and battery life, this powerhouse ultraportable is best-of-breed.
Buy now direct from Lenovo -
ThinkPad X120e One of the best netbooks ever, X120e has the best netbook keyboard ever--nothing else comes close
Buy now direct from Lenovo
- 12 Criteria for Selecting the Best ERP System Replacement An ERP system is your information backbone and reaches into all areas of your business and value chain. Replacing it can open unlimited business opportunities. This white paper explains the 12 criteria that allow you to identify and select the solution that will meet these expectations.
- Leveraging Social Computing Technologies for ERP Applications This white paper details how Web 2.0 technologies support business strategies by improving efficiency, productivity, and collaboration.
-
The Byte: Microsoft Hacked, Apple Wants Inspections, White House CTO Resigns
-
NASA Plans an Outpost on the Far Side of the Moon
-
iPads Snatched by Chinese Authorities, Trademark Dispute Turns Tactical
-
Steve Jobs Gets Posthumous Grammy
-
Google Updates YouTube with Discovery Features
-
MySpace: The Next Hot Social Network?
-
Apple Files Complaint against Motorola in US to Prevent IPhone 4S Litigation
-
Petitioners Urge Apple to Address Factory Working Conditions
-
Piracy Driven by Overseas Film Release Lag Time, Researchers Say
-
Aquaria for iPad Standout Feature is Soundtrack
-
iTunes Match Confusion Explored
-
Java Compiler Would Enable High-quality Code, Efficient Memory Use
Ad Choices