Reynolds American Inc. (RAI) disclosed Monday that a congressional committee approved a $65 million tax refund, including interest.
The Congressional Joint Committee on Taxation’s approval finalizes the Internal Revenue Service’s audit of Reynolds American’s tax returns for 1997 to 2000. According to Reynolds American, the refund will be recorded as an extraordinary gain in the first quarter ending March 31 this year.
The company said it expects to apply the cash refund against other federal income tax obligations in 2006.
– DOW JONES NEWSWIRES