Boston, MA 02/19/2014 (wallstreetpr) – General Electric Company (NYSE:GE) has taken the US Internal Revenue Service (IRS) to court, seeking compensation amounting $658 million on federal tax refund for taxes it claims it overpaid and interests related to the sale of ERC Life Reinsurance. General Electric claims the IRS turned down a $2.2 billion loss it reported, that it had made from the sale of the reinsurance subsidiary.
General Electric in its argument claims the sale of reinsurance business could result in back tax losses through the years it registered taxable gains. The IRS on their part had disagreed on GE’s claims for recorded losses and refused on a tentative tax refund. General electric was required to back date the loss incurred back to 2000 and was eligible for a tax refund for 2000 fiscal year. The total settlement package that General Electric Company (NYSE:GE) wants IRS to pay includes $439 million in overpaid taxes and $219 million in interest.
General Electric offering Rock-Solid Dividends
General Electric Company (NYSE:GE) is currently among the very few industry players offering appetizing yield to its shareholders. The company’s yield currently stands at 3.1% toppling its nearest rival in the industry by 0.5%. General electric’s earnings are at an all-time high being at least five times higher than its debt payment obligation a clear indication of its strength in the market. General Electric has been growing steadily after receiving major setbacks with the economic turmoil of 2008.
General Electric debt to capital ratio stood at 73.6% as of close of business on December 31, 2013 signaling the company is not overleveraged as it continues to strengthen its balance sheet. Its fourth quarter results were strong indicating robust order with a backlog growth.
Tuesday was a quiet day for General Electric Company (NYSE:GE) in trading, as its shares remained un-moved dropping slightly by 0.35% to close the day at $25.65 a share.
General Electric debt to capital ratio stood at 73.6% as of close of business on December 31, 2013 signaling the company is not overleveraged as it continues to strengthen its balance sheet. Its fourth quarter results were strong indicating robust order with a backlog growth.
Tuesday was a quiet day for General Electric Company (NYSE:GE) in trading, as its shares remained un-moved dropping slightly by 0.35% to close the day at $25.65 a share.
