UPS won’t have to pay back taxes
UNITED PARCEL Service Inc. won’t have to pay $1.8 billion in back taxes, as a federal appeals court declined the Internal Revenue Service’s request to hear further arguments on the matter.
A U.S. Circuit Court of Appeals in Atlanta rejected the IRS’s request that the entire court revisit the case. In June, a three-judge panel of the court overturned a 1999 ruling that ordered the world’s largest package-delivery company to pay the tax bill.
The IRS had argued that UPS created an independent, Bermuda-based company — called Overseas Partners Ltd. — in 1984 solely to avoid paying federal income taxes.
