Altria in $500 Million Tax Agreement

Source from:  Tobaccoreporter.com 05/24/2012

Altria said yesterday that it expected to pay about $500 million in federal and state income taxes and related estimated interest as a result of an agreement it had reached with the Internal Revenue Service (IRS). The company said that the agreement, which was still subject to court approval, resolved the federal income tax treatment for all prior tax years of certain leveraged lease transactions entered into by its wholly-owned subsidiary, Philip Morris Capital Corporation. Further information on the agreement and its effects are at: http://www.altria.com/en/cms/company_announcements/announcement.aspx?src=home&reqId=1698784. Enditem