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Alaska Native corporation to pay $85M to IRS


Cook Inlet Region Inc., an Alaska Native regional corporation, will pay $85 million to the Internal Revenue Service to settle a tax dispute.

The dispute arose over CIRI's sale of 55,000 acres of subsurface land obtained through the 1971 Alaska Native Claims Settlement Act. CIRI claimed a loss of $446 million on its tax returns.

The IRS claimed the loss was much lower -- about $900,000. That meant CIRI's tax liability was much higher.

CIRI denied it owed any money but agreed to pay the $85 million after months of negotiation. The settlement has to be finalized in court.

Get the Story:
CIRI settles tax case for $85 million (The Anchorage Daily News 11/22)
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Relevant Links:
Cook Inlet Region Inc - http://www.ciri.com

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