CVS Health Seeks $400 Million Refund for US Domestic Production

CVS Health Corp. sued the US on Tuesday, seeking a $400 million refund for federal income taxes it alleges the company overpaid from 2014 to 2017.

The IRS mistakenly disallowed deductions claimed by CVS Health on domestic production activities relating to photos, prescription drugs, weekly advertising circulars, packaging, and software, CVS said.

The company paid the resulting tax deficiencies and filed claims for refunds, but the IRS refused to pay the pharmacy company, its complaint said.

CVS alleges it’s entitled to refunds for overpayment of its 2014 federal income taxes by $57.95 million, its 2015 taxes by $103 million, its ...