New York (Aug. 18, 2003) -- When is a tax break not a tax break? When the government tries to take it back -- and it looks like that's what the Internal Revenue Service is trying to do to Intel Corp.
Early in 2000, the IRS gave the chip giant a $600 million tax benefit for export. But in the company's quarterly filing with the Securities and Exchange Commission last week, it reported that the IRS wants to adjust its tax benefit by $600 million -- plus interest, according to a story in Cahners Business Report. The proposed adjustment came to light after a routine exam of Intel's tax returns for 1999 and 2000, the company said.
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