The Internal Revenue Service says Cook Inlet Region Inc., an Alaska Native regional corporation, owes $174 million in taxes.

The IRS audited CIRI's tax returns from 2000 and 2001. A letter claimed the corporation owed $1.5 million for 2000 and $138 million for 2001, plus interest, The Anchorage Daily News reported.

At issue is the sale of 55,000 acres that CIRI had tried to develop. By selling the land, CIRI was able to lower its tax liability but the exact amount is in dispute.

The land was sold in 2000, the same year CIRI made a huge $314 million tax-free payout to shareholders.

Get the Story:
IRS wants $174 million from CIRI (The Anchorage Daily News 6/29)
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Relevant Links:
Cook Inlet Region Inc - http://www.ciri.com

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