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Tyco Still Owes Millions in Taxes, IRS Says

September 14, 2006|From Dow Jones/the Associated Press

Tyco International Ltd. still hasn't paid millions in federal income taxes from an allegedly false tax return filed by its chief tax advisor in 1999, the Internal Revenue Service says.

The potential $50-million tax bill looming over the conglomerate came to light this week as Tyco's former vice president in charge of taxation, Raymond Scott Stevenson, was charged with filing a false tax return that failed to report more than $170 million in capital gains in 1999. Stevenson pleaded not guilty to a felony fraud charge before a federal magistrate in Fort Pierce, Fla.

According to the IRS, the capital gains would have added about $50 million to Tyco's tax bill. Those taxes have not yet been paid by Tyco, said Ellie Michaud, a spokeswoman for the agency's criminal division.

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