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U.S. Supreme Court turns down Ford in $470 million tax dispute

WASHINGTON (Reuters) – The U.S. Supreme Court on Monday rejected Ford Motor Co’sattempt to claim $470 million in a tax dispute with the Internal Revenue Service.

The justices left intact an October 2014 ruling by the 6th U.S. Circuit Court of Appeals in favor of the government.

Ford had been credited for overpaying certain taxes dating back to 1983. Ford argued its overpayments were essentially a loan to the IRS that should have accrued interest.

Ford was denied a $470 million interest payment by a Michigan district court in 2010. The U.S. appeals court ruled against Ford in December 2012.

In December 2013, the Supreme Court threw out the initial appeals court ruling on a technicality. The appeals court reheard the case and reached the same conclusion.

In support of Ford’s petition for a hearing, the U.S. Chamber of Commerce said the appeals court ruling would make it easier for the government to withhold money owed to businesses.

The case is Ford Motor Co v United States, U.S. Supreme Court, No. 14-1085.