International Paper to Pay $260 Million in Federal Income Taxes Under IRS Settlement
10 September 2022 - 12:29AM
Dow Jones News
By Denny Jacob
International Paper Co. said Friday that it and the Internal
Revenue Service agreed to settle a previously disclosed timber
monetization restructuring tax matter.
The paper and packaging products manufacturer said it will fully
resolve the matter and pay about $260 million in federal income
taxes under the agreement, which came on Sept. 2, according to a
regulatory filing. International Paper said interest will also be
charged upon closing of the audit as a result.
The company also said the amount of interest expense estimated
to be recognized through Sept. 30 is about $50 million.
The tax matter was for timber monetization restructuring that
took place in 2015, International Paper said in its filing.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
September 09, 2022 18:14 ET (22:14 GMT)
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