Date: August 15, 2002
Source: News Room
Allied Waste Industries Inc. (NYSE: AW) was notified in the second quarter that the Internal Revenue Service disallowed a capital loss included in the July 30, 1999, tax return of its subsidiary BFI Waste Systems (Nasdaq: WSIIQ) of North America Inc. The company said it estimates that it could owe additional federal and state income tax of up to $310 million and accrued interest through June 30, of about $35 million, according to its quarterly report. The IRS also notified the company that it was assessing a penalty of between 20% and 40% of the additional income tax resulting from the disallowance. Allied Waste said it continues to believe its position is well supported and it will "vigorously contest" the disallowance.
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