HP loses $190 million tax case against IRS
HP loses $190 million tax case against IRS (Reuters) - Hewlett-Packard Co. on Monday lost a battle with the U.S. Internal Revenue Service for more than $190 million in tax refunds tied to a Dutch tax shelter designed by the derivatives arm of American International Group . The ruling turns a spotlight on an aggressive tax-cutting strategy created last decade by AIG Financial Products and bankrolled by several European banks. The strategy involved trading derivatives with the aim of generating capital losses and foreign tax credits for large corporations, like HP, which then used them to try to lower their U.S. tax bills. ... //news.yahoo.com/hp-loses-190-million-tax-case-against-irs-120722894--sector.html
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