(Bloomberg) General Electric Co. sued the Internal Revenue Service seeking a $658 million refund for overpaid federal taxes and interest tied to losses it claimed from the sale of ERC Life Reinsurance.
The dispute dates to the 2003 acquisition of ERC Life by Scottish Re Group Ltd.’s Scottish Holdings Inc., the Fairfield, Connecticut-based company said in the complaint. The IRS wrongfully disallowed a capital loss of $2.2 billion that GE Consolidated Group realized from the sale of 95 percent of its ERC Life stock, according to the filing.
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