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The IRS Hits Symantec with a $1 Billion Tax Bill

Posted by ryuzaki0 on from the i-don't-feel-quite-so-bad-now dept.

GnoWay writes "Macworld is reporting that the IRS has charged Symantec Corporation with about a 900 million dollar tax bill due to the charge that Symantec and Veritas (purchased by Symantec last year) under-reported the value of intellectual property which they had transferred to their two Irish subsidiaries. Another $100 million is connected to Symantec's 2003 and 2004 reports."

12 of 337 comments (clear)

  1. taxing IP by bbsguru · · Score: 4, Funny

    I just had a thought. Do I owe anything?

    1. Re:taxing IP by Anonymous Coward · · Score: 5, Funny

      under-reported the value of intellectual property

      I doubt it, hell, you might need a rebate

    2. Re:taxing IP by Enzo+the+Baker · · Score: 3, Funny

      Depends on whether it's your two cents' worth, or someone is giving a penny for your thoughts.

      --
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  2. It's okay. by Rob+T+Firefly · · Score: 4, Funny

    Luckily, Norton Internet Security filtered out the IRS' notice before anyone at Symantec could read it. I won't tell if you won't...

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    Slashdot Burying Stories About Slashdot Media Owned
  3. Unrelated by liliafan · · Score: 5, Funny

    In unrelated news, the IRS has reported sudden loss of all their backups, and serious infection from computer viruses.

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  4. If I were them by Anonymous Coward · · Score: 3, Funny

    I'd call one of those tax-help agencies. They can usually settle for pennies on the dollar.

  5. Re:Ouch...will they sell off Norton? by badmammajamma · · Score: 4, Funny

    Actually that's small potatoes too. The big money is in porn.

    --
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  6. $1 Billion Tax Collection by digitaldc · · Score: 3, Funny

    Great! This money will be well spent by Congress, oh wait....
    it is already gone, what a shame, before I could even finish my congratulations.

    --
    He who knows best knows how little he knows. - Thomas Jefferson
  7. Not suprising by ejaw5 · · Score: 4, Funny

    Symantec probably hired H&R Block to do their taxes this year.

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  8. Re:Ouch...will they sell off Norton? by Tackhead · · Score: 5, Funny
    > Actually that's small potatoes too. The big money is in porn.

    If a $900M bill from the IRS doesn't count as getting fucked, I don't know what does.

  9. Re:Learn from this... by Megane · · Score: 3, Funny
    Did they tell you about this before you left?

    http://www.madchat.org/vxdevl/vxmisc/Symantec_Revo lution.mp3

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  10. Re:Valueing intellectual property? by Buzz_Litebeer · · Score: 3, Funny

    You miss the point entirely, I am worth 100 an hour or 150 an hour, depending on what I am doing. Though I only get a small chunk of that.

    BUT, what if I decided to sell the thing for 10 bucks, after I put 800 worth into it, is it worth 10 bucks or 800, am I selling it under market value or am I actually worth the 800 I WANT to be paid for it?

    IF I make a Hello World Application, and my time is worth 100 an hour, does my hello world app cost 100 dollars because I bill a minimum of an hour?

    Or is it worth essentially nothing?

    Thats the question, who determines the price, if Symantic wanted to licence it for free, would it then not be worth "free"? Or is it worth what a competitor would have paid to bring it in house or an actual client.

    I hope I am not obsfucating this more lol.

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