Jump to Full Article: Click Here
Author: David Glovin
Posted by: Cigs by Mail.com
Intro: Altria Group Inc., the largest U.S. tobacco company, said it lost a legal bid to retain $24.5 million in tax deductions.
Altria, based in Richmond, Virginia, sued the U.S. government in 2006 to stop it from seeking back taxes over the deductions taken in 1996 and 1997. A federal jury in Manhattan began hearing the case in June and returned a verdict today, Altria said.
“We believe that Altria and its subsidiary, Philip Morris Capital Corp., fully complied with the law,” Murray Garnick, Altria Client Services senior vice president, said in a statement. “We will seek further review of the jury’s verdict in the trial court and, if necessary, in the appellate court.”