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News Breaks
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December 15, 2011
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| 16:06 EDT |  | IRS |
| theflyonthewall.com: | Irsa Inversiones y Representaciones SA reaches agreement with the IRS | | The Western Union Company announced that it has reached an agreement with the U.S. Internal Revenue Service, or IRS, resolving all remaining issues related to the restructuring of its international operations in 2003. The agreement covers the company's tax treatment for imputed intangibles income, trademark buy-in royalties, and other items. As a result of the agreement, the Company will make cash payments to the IRS and various state tax authorities of approximately $220M, which are in addition to a $250M tax deposit made with the IRS in 2010 connected to the potential liability. The Company also will eliminate its related tax contingency reserve and expects to record a one-time tax benefit of approximately $200 million in 2011. :theflyonthewall.com |
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