Greek Co. Not Liable For $4M Gain At US Tax Court

By Bryan Koenig (July 13, 2017, 7:57 PM EDT) -- A Greek mining company is off the hook tax-wise for $4 million it earned when it was bought out of a U.S. partnership, after a U.S. Tax Court judge on Thursday rejected IRS efforts to peg the money to the United States.

Grecian Magnesite Mining, Industrial & Shipping Co. SA had already conceded that it was liable to the IRS for $2.2 million of the $6.2 million it made on the redemption of its 12.6 percent stake in Pennsylvania-based magnesite mining company Premier Magnesia LLC. That left Tax Court Judge David Gustafson to deal only with the remaining $4 million, which...

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