IRS concludes Temple-Inland probe.
Temple-Inland Inc., Austin, Texas, USA, said the Internal Revenue Service (IRS) has concluded its examination of the company's tax returns, its net operating losses, and minimum tax credit carry forwards through 1996. As a result, valuation allowances and tax accruals previously provided for these matters are no longer necessary, said Temple-Inland.
Accordingly, Temple-Inland will record a second quarter 2003 one-time tax benefit of approximately US$ 165 million or approximately US$ 3.05 per diluted share. Of this one-time benefit, approximately US$ 25 million represents expected cash refunds of previously paid taxes plus related interest. The remainder is a non-cash benefit.