Santa Clara, Calif. (Feb. 25, 2004) -- An Internal Revenue Service examination of chip maker Intel Corp.'s tax returns for 1999 and 2000 could increase the company's tax liability by $600 million, according to a company filing with the Securities and Exchange Commission.

In a 10-K filed on Feb. 23 with the SEC, Intel said that in connection with the IRS's regular examination of the company's tax returns for the years 1999 and 2000, the agency proposed certain adjustments to the amounts reflected by Intel on those returns as a tax benefit for its export sales.

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