PROCTER AND GAMBLE SUES IRS TO RECLAIM ITS PATENT DONATION DEDUCTION

Speaking of which, Reuters reports that Procter & Gamble is suing the IRS, asking to have $435 million in patent donations reinstated. The news is from http://www.reuters.com/article/americasIpoNews/idUSN1952932320080919 In 2005, the IRS audited P&G's tax returns for 2001 through 2005, with the IRS in 2008 sending P&G a letter asking for extra taxes and interest, which P&G paid upfront without agreeing with the IRS assertions. Now P&G is suing to protest the extra taxes, which it wants back. From the article: "P&G said the IRS asked for more money after looking into tax credits the company claimed for technology donated to colleges and universities, as well as artwork donated to the Cincinnati Art Museum and the National Underground Railroad Freedom Center. The IRS also denied certain credits related to spending on patent work and research, among other items."