Starwood Hotels Receives $245 Million Refund from the Internal Revenue Service

For a better experience on our website and avoid any trouble, we strongly recommand to activate Javascript (click here).

< Previous news

Next news >

Starwood Hotels Receives $245 Million Refund from the Internal Revenue Service
	Starwood Hotels Receives $245 Million Refund from the Internal Revenue Service
Category: Worldwide - Industry economy - Figures / Studies This is a press release selected by our editorial committee and published online for free on 2010-12-10 Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has received a refund of previously paid taxes and related interest from the Internal Revenue Service of approximately $245 million relating to the 1998 disposition of World Directories, Inc. The federal tax treatment of the disposition was disputed by the IRS and the matter was most recently under the jurisdiction of the US Tax Court. In October 2010, the previously proposed settlement was formally agreed to by both the Company and the IRS. The US Tax Court then issued an order for the IRS to pay the refund of the taxes and interest to the Company closing out the matter for both parties.