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)
pwpwd

Relevant Links:
Cook Inlet Region Inc - http://www.ciri.com

Related Stories:
Alaska Native corporation to build shopping center (08/04)
IRS wants $174M from Alaska Native corporation (06/29)
Alaska Native corporation dealing in hotels (05/25)
Alaska Native corporation invests in wireless deal (02/21)
Norton's intervention won't help Native corporation (09/16)
Norton intervened in Native corporation-park dispute (09/03)
Alaska Native executive to get $890,000 payout (08/13)
Alaska Native executive to resign from CIRI (08/06)
Alaska Native corporation sees new board members (06/09)
Profits, revenues down at Alaska Native corporation (04/20)