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News Breaks | | | | February 14, 2013 | | 07:20 EDT |  | IR | Whitworth building stake in Ingersoll-Rand, NY Post reports
According to the New York Post, Ralph Whitworth may be building a stake in Ingersoll-Rand (IR) and the activist investor may reveal in a filing today that he holds a 4% stake in the company. Whitworth has reportedly met with company officials to discuss his concerns with the company. Reference Link | |
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News For IR From The Last 14 Days Check below for free stories on IR the last two weeks. |
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| June 17, 2013 | | 16:13 EDT |  | IR | Ingersoll-Rand spinoff Allegion to name CEO later this year, names 5 directors
 Subscribe for More Information | | | 16:08 EDT | | IR | Ingersoll-Rand announces filing of Form 10 registration statement for spinoff
Ingersoll-Rand (IR) announced that Allegion plc filed a Form 10 Registration Statement with the U.S. SEC in connection with Ingersoll Rand’s previously announced plan to spin off its commercial and residential security businesses. The filing provides details about the independent global provider of security products and solutions. As previously announced, Ingersoll Rand expects the spinoff, which is intended to be tax free to shareholders, to occur prior to year-end. Allegion is the name of the new $2.05B security company. The name represents the collaborative, long-term relationships the company forges with customers. It embodies the company’s team of experts and their relentless commitment to safeguarding people and property. | | | 09:43 EDT | | IR | Ingersoll-Rand sees IRS proposing $400M-$700M owed in tax on debt
Ingersoll-Rand disclosed in a regulatory filing that recently an Internal Revenue Service examination team informally advised the company of its position with respect to interest payments on intercompany debt issued in connection with reincorporation in Bermuda. Ingersoll-Rand stated, "The IRS has informed us that it intends to continue to take the position on this intercompany debt, which was retired at the end of 2011, that it previously took for our 2002 tax year. In that audit the IRS proposed to impose 30% withholding tax on a portion of the interest payments on that intercompany debt as if they were made directly to a company that was not eligible for reduced U.S. withholding tax under a U.S. income tax treaty...The IRS also indicated that it may propose to extend its position further and treat some or all of the interest income from the intercompany debt as “earned” by Ingersoll-Rand Company Limited and, as a result, recharacterize some or all of the distributions made by Ingersoll-Rand Company Limited during the 2003-2006 tax years as taxable dividends instead of as a return of capital...Although we expect it to do so, the IRS has not yet proposed any similar adjustments for years subsequent to 2006, as the federal income tax audits for those years are still in process or have not yet begun...Based on the limited information available to us we believe the IRS will propose that we owe between $400 million and $700 million of additional withholding and income taxes with respect to these issues for 2003-2006, plus penalties. Interest would also be owed on any unpaid amounts...We have vigorously contested all of these proposed adjustments and intend to continue to do so. Although the outcome of these matters cannot be predicted with certainty, based upon an analysis of the merits of our position we believe that we are adequately reserved under the applicable accounting standards for these matters and do not expect that the ultimate resolution will have a material adverse impact on our future results of operations, financial condition, or cash flows. As we move forward to resolve these matters with the IRS, the reserves established may be adjusted. Although we continue to contest the IRS's position, there can be no assurance that we will be successful. If the IRS's position with respect to the 2002-2006 tax years is ultimately sustained it will have a material adverse impact on our future results of operations, financial condition and cash flows." | |
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