Schaeffler Protests $25M Reduction In Capital Loss Tax Claim

Law360, Washington (December 11, 2013, 5:41 PM EST) -- A partnership of German automotive and industrial components manufacturer Schaeffler GMBH & Co. has asked the U.S. Tax Court to disallow the Internal Revenue Services' $25 million reduction of its capital losses claim arising from the €88 million ($121 million) sale of its shares in two of Schaeffler's subsidiaries, according to a company petition filed with the court earlier this month.

The partnership, INA-Holding Schaeffler GMBH & Co, part of a global group of Schaeffler entities, claims it took a long-term capital loss of about $99...
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