Ariz. Court Affirms Judgment In $2.75M Tax Assessment Suit
In 1999, First Data Corporation sold its wholly owned subsidiary, First Data Investor Services Group, to PNC Bank for a $725 million profit, the opinion says. The taxpayer treated the sale as a complete corporate liquidation, but after an audit, the state of Arizona said it should have been treated as business income and assessed $2.75 million in taxes.
The appeals court...
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