August 11, 2004

IRS claims Motorola owes US$500 million in back taxes

Suprising and bad news from The Canadian Press. Motorola Inc. said Wednesday that the Internal Revenue Service claims the cellphone maker owes $500 million US in taxes for the years 1996 through 2000.

"Motorola, based in Schaumburg, Ill., said it disagrees with these proposed adjustments and intends to dispute the matter through applicable IRS and judicial procedures."

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