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This led to taxes being incorrectly calculated in the year to January 31, 2013, which resulted in the profit overstatement.
Last December, both South Korean automakers agreed to pay a total of $395 million to settle lawsuits filed by owners of cars affected by the overstatements of fuel economy ratings.
21, 2008), the district court ruled in favor of the IRS, ruling that an overstatement of basis is an omission of gross income under IRC section 650I(e)(1)(A) and that the FPAA was within the six-year statute of limitations.
6501(e)(1)(A) did not encompass an overstatement of basis, precluded the application of the extended statute of limitation.
Absent any reported circulation numbers from the ABC, the Morning News settled with its advertisers for around $23 million; one-fourth of what it cost Newsday, though the circulation overstatements for both newspapers were similar.
The court answered in the negative, that basis overstatements are not "omissions from gross income.
6501 (e)-1(a)(1), which states that outside the context of sales of goods or services by a trade or business, an overstatement of basis constitutes an omission of income allowing the six-year assessment period.
Cadbury said it expected its Nigerian arm to report operating losses of between pounds 5m and pounds 10m this year and pay a one-off charge of pounds 55m to pounds 60m for the overstatement.
Hence, TEI agrees with the views expressed by the Board members who said that the proposed Interpretation would (a) be unduly complex, (b) prove difficult to apply in practice, and (c) result in systematic overstatement of tax liabilities.
Without fear of overstatement, this particular Swiss box can claim to contain a new building type: part gallery, part warehouse, part education facility--Schaulager literally means display-warehouse; a place in which art is never consigned to crates or inaccessible racks, but where it is stored in carefully curated and densely arranged display cells, accessible to scholars and perhaps most significantly facilitating its sustained conservation.
the tax on the originally reported income statement) with the restated current tax expense after the earnings overstatement is removed.
That's an overstatement, but only slightly: Two Cunningham concerts were the first full-length dance performances in the long-awaited, $52.