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IRS Seeks $7.9 Million from Albany, N.Y.-Based Entertainment Company.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, June, 2000 by Furfaro, Danielle T.
Jun. 22--While Trans World Entertainment Corp.'s acquisition of Camelot Music Holdings Inc. has led to record sales, the music and video retailer soon might feel a fiscal pinch from the merger.
Trans World currently is named in an action by the U.S. Internal Revenue Service that seeks to assess $7.9 million against the company dating to January 1998 that relates to Camelot's corporate-owned life insurance program, according to a quarterly report filed with the U.S. Securities and Exchange Commission.
Although the case went to trial last month in U.S. District Court in Delaware, a judgment is not expected until the third or fourth quarter of Trans World's current fiscal year. If Trans World loses the case, the $7.9 million assessment -- plus penalties...
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