IRS Had Right To Adjust Guidant's Income, Court Rules

Law360, New York (February 29, 2016, 11:19 PM EST) -- A medical technology company and its subsidiaries lost their bid to challenge the Internal Revenue Service's adjustments that increased their income by about $3.5 billion when the U.S. Tax Court ruled Monday that the agency acted well within its authority.

Guidant Corp., which produces devices such as pacemakers and was acquired by Boston Scientific Corp. in 2006, and its domestic and foreign subsidiaries had sued the IRS in 2011 for a redetermination of hundreds of millions of dollars in deficiencies and so-called "accuracy-related" penalties, arguing that the agency should have calculated the separate, taxable income of each controlled taxpayer and made...

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