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Article: State Farm triumphs in tax case
- Article from:
- The Pantagraph Bloomington, IL
- Article date:
- December 21, 2002
- Author:
CopyrightCopyright 2002 The Pantagraph Bloomington, IL. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON, D.C. - Under a precedent-setting court decision,
State Farm Mutual Automobile Insurance Co. may receive a refund
instead of paying additional federal taxes.
U.S. Tax Court Judge Mary Ann Cohen overturned an Internal Revenue
Service ruling that the Bloomington-based insurer could not
consolidate income from the company's auto and other non-life
subsidiaries with its life insurance operations.
Under the ruling, State Farm will not have to pay $1.23 million in
additional 1987 taxes the IRS had sought.
In appealing the IRS ruling to the court here, State Farm had
claimed it actually was owed a $56.9 million refund.
"This does vindicate our company's petition," State Farm ...
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