Sunday, July 8, 2012

AIG Wants $30 million in taxes back

The American Insurance Group (AIG), which was bailed out by US taxpayers not too long ago, wants $30.2 million tax overpayments back, which dates back to 1991. The company has filed a lawsuit against U.S. in the US Court of Federal Claims in Washington on Thursday (American International Group Inc. v. U.S., 12-00437, U.S. Court of Federal Claim).


AIG claims that although it underpaid taxes in 1997, 1998 and 1999 but it overpaid in 1991. After adjusting for the over and underpayments and accounting for the interest rate, the total comes down to $30.2 million.

Charles Ruchelman, the company’s lawyer has written in the complaint, “AIG is bringing this action to protect itself against the running of the six-year statute of limitations on suing for additional overpayment interest before final resolution of its tax liabilities for 1997, 1998 and 1999”

AIG received a massive $182.3 billion bailout following the 2008 global financial crisis, after which the U.S. government owned more than 90% of the business. The business, apparently, has been performing well enough to reduce the U.S. stake to 61%.  

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