Transportation Industry
Ryder to Pay More Than $175 Mln. to Settle IRS Claim
Transport Topics, February, 2005 by Wlazlowski, Tiffany
Truck-leasing company Ryder System said Feb. 21 it would pay the Internal Revenue Service about $175 million plus interest this month, after contesting a government audit stating the company owed money for back taxes, interest and penalties.
Ryder, Miami, said that besides the $175 million net after taxes, it would pay interest that would accrue from Dec. 31 to the date of payment. But it said the payment would not affect its quarterly earnings.
"The amounts Ryder expects to pay are within the amounts previously accrued for the matters," the company said in a statement announcing the payment. "Ryder believes the resolution of these matters will have no adverse effect on shareholders' equity or results of operations."
Ryder said in documents filed with the...
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