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McKesson Corp. filed suit last week against the Georgia Department of Revenue, saying the government owes it $409,531 plus interest, to cover taxes the company paid on phantom profits. McKesson is not unique in seeking to reclaim taxes on nonexistent profits that the SEC cites as fraud, and the situation has attracted the attention of Congress. A bill aimed at preventing companies from seeking such refunds is pending before the U.S. Senate.
March 10, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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