The U.S. government took legal action Tuesday in an attempt to collect the $1.5 billion it says Yahoo successor Altaba Inc. owes in taxes.

Counsel for Altaba, a Delaware corporation operating out of New York, wrote in a May Delaware Court of Chancery petition that the Internal Revenue Service’s claim is inflated, with about $659 million being the amount the company is willing to hold back for federal tax liabilities while finalizing the dissolution its board agreed to last year.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]