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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."

7 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. 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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  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. 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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  5. Not suprising by ejaw5 · · Score: 4, Funny

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

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  6. 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.