Omaha, Neb. (August 15, 2002) -- Berkshire Hathaway has sued the Internal Revenue Service over alleged errors made in denying $16.3 million in tax deductions.The lawsuit alleges the IRS made an "erroneous, wrongful and illegal" interpretation of the Tax Code, according to the Associated Press.
The deductions were denied because borrowed money was traced to purchases of stocks in a number of companies. A Tax Code provision reduces deductions if borrowed money is directly attributable to a dividend-paying investment.
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