Goodyear Tire & Rubber Co. said it plans to fight a tax adjustment by the IRS over an intercompany sale of intellectual property in 2021, according to filings.
“The IRS proposes to disallow income recognition totaling $1.5 billion associated with this transaction,” the company said in a quarterly financial filing on Friday. “The federal tax charge related to that income recognition was fully offset by the utilization of $315 million of then-existing deferred tax assets, including tax loss carryforwards and foreign tax credits.”
If it loses the dispute, filings said the company wouldn’t be able to use a portion of ...
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