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[QUOTE]Originally posted by BLACKBEARD: [QB] Ford: Government owes us for overpaid taxes: Automaker claims millions in interest Jul 11, 2008 (Detroit Free Press - McClatchy-Tribune Information Services via COMTEX) -- Ford Motor Co. is suing the federal government, saying the Internal Revenue Service owes it nearly half a billion dollars in interest for overpayments on corporate taxes. In a lawsuit filed Thursday in the U.S. District Court for the Eastern District of Michigan, the struggling Dearborn automaker says it is owed $445,292,207 for miscalculations of interest on taxes for the calendar years 1983 to 1989, 1992 and 1994. That is a significant amount of money for Ford, which has lost a combined $15.3 billion over the past two years and also expects to post significant losses this year because of plummeting sales of profitable trucks. Through March, Ford had $40.6 billion in cash on hand. However, Ford expects to burn through as much as $14 billion of that through 2009, as it tries to restructure in a difficult market. Consequently, the automaker has been hustling to preserve and raise cash however it can. Ford spokeswoman Marcey Evans said the federal government has repaid Ford for its overpayment of taxes in the years in question in the lawsuit, as well as some interest. However, the dispute at hand involves a disagreement about how the interest should be calculated and how much interest Ford is actually owed. "The IRS' calculation of ... overpayment interest is not a simple matter of taking the tax underpayment ... and computing interest on that amount," the lawsuit says. "Rather, the IRS recomputes the taxpayer's account for the specific tax year by sorting all of the transactions in order of the dates they are deemed to be effective and computing interest on the account balance as it is affected from transaction to transaction." Evans said that Ford tried to resolve its dispute with the IRS with no success. "Because of the size of the dispute, we thought we had no choice but to file suit," she said. Contact SARAH A. WEBSTER at 313-222-5394 or swebster*freepress.com. To see more of the Detroit Free Press, or to subscribe to [/QB][/QUOTE]
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