GMI Loses $4.7M Tax Refund For ESOP Payouts

Law360, New York (January 28, 2009, 12:00 AM EST) -- The federal government has succeeded in getting a ruling overturned that would have allowed processed food giant General Mills Inc. to collect a $4.7 million tax refund in connection with dividends paid to the company’s employee stock ownership plans.

The U.S. Court of Appeals for the Eight Circuit issued an opinion Monday reversing a January 2008 decision by the U.S. District Court for the District of Minnesota that granted summary judgment to General Mills and various affiliates, allowing the company to claim the refund.

The dispute...
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