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AMERICAN GENERAL RESPONDS TO WSJ ARTICLE REGARDING TAX ISSUES

 AMERICAN GENERAL RESPONDS TO WSJ ARTICLE REGARDING TAX ISSUES
 HOUSTON, March 24 /PRNewswire/ -- In response to an article in today's Wall Street Journal reporting that the Internal Revenue Service (IRS) is seeking $200 million in back taxes, American General Corporation (NYSE: AGC) today made the following statement:
 "As disclosed in the company's 1991 annual report, the IRS has examined the company's returns through 1985 and is disputing the company's tax treatment of some items for the years 1977 through 1985. As a result of these disputes, the IRS has issued assessments and proposed tax deficiencies totalling approximately $200 million.
 "In handling its tax matters, American General has consulted with its tax and litigation advisors and has established tax reserves and made deposits with the IRS that reflect its expectations of future liabilities.
 "It is not unusual for major companies to have disputes with the IRS and for the resolution of such disputes to take a number of years. To accelerate the resolution of certain disputed items, the company decided to file suit in U.S. Tax Court in late February 1992.
 "Although the outcome of these issues is uncertain, the company believes that no significant adjustment to its consolidated financial position will result from settlement of the open tax issues."
 American General, with assets of over $36 billion and equity of $4.3 billion, is one of the nation's largest consumer financial services organizations. Headquartered in Houston, it is a leading provider of retirement annuities, consumer loans and life insurance. American General Corporation (AGC) common stock is listed on the New York, Pacific, London and Swiss stock exchanges.
 -0- 3/24/92
 /CONTACT: James S. D'Agostino Jr., senior vice president- administration, 713-831-1224, or Robert D. Mrlik, director-investor relations, 713-831-1137, both of American General/
 (AGC) CO: American General Corporation ST: Texas IN: FIN SU:


TS -- NY036 -- 1091 03/24/92 12:55 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 24, 1992
Words:312
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