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Google sues IRS for $83.5M refund

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at close on THURSDAY

By Bloomberg News
Friday, June 28, 2013, 12:01 a.m.
 

Google Inc., owner of the most popular Internet search engine, sued the Internal Revenue Service for an $83.5 million refund, claiming it was improperly denied a deduction for a 2004 stock transaction with America Online Inc.

The IRS erred in disallowing a $238.6 million deduction claimed for the difference between the price AOL paid to exercise a warrant for Google stock and the value of the shares, according to the complaint in U.S. Tax Court.

Dean Patterson, an IRS spokesman, didn't immediately reply to an email seeking comment on the lawsuit.

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