IRS News - November 5, 2010

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Alico Inc. a grower and land manager was issued a letter of demand by the IRS to pay $22.5 million in tax and penalties ($14.5 million in tax and another $8 million in penalties). The company was given 30 days to file a response. This the Labelle-based company did and was given an extension by the IRS.

The dispute is over whether and how Alico Inc. could consolidate the tax returns of its two subsidiaries, Alico-Agri and Alico-Insurance. It also pertains to the method used to calculate real estate sales on its tax returns. Agri-Insurance or Alico-Agri were dealers in real estate during the years under examination and thereby precluded from using the installment method for real estate sales made during the years under audit.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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