February 15, 2018 / 5:56 PM / a year ago

Caterpillar vigorously contesting penalties proposed by IRS

Feb 15 (Reuters) - Caterpillar Inc said on Thursday it was vigorously contesting the $2.3 billion tax and penalties for certain years proposed by the Internal Revenue Service.

In March last year, the IRS had challenged the company's taxes for 2007-2012, and federal law enforcement officials raided three of the company's buildings in Illinois in connection with a probe regarding its offshore tax practices.

The heavy machinery manufacturer said in a regulatory filing that it did not anticipate a significant increase or decrease to its unrecognized tax benefits for this matter within the next 12 months. (bit.ly/2nZbqqH)

The company's shares were up about 1 percent at $159.17 in afternoon trading. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below