Dallas, Texas 12/04/2013 (Financialstrend) – The United States Supreme Court has now sent an order to the appeals court to reconsider Ford Motor Company (NYSE:F)’s case about whether the company is actually eligible for $445M in interest on its overpaid taxes. The Supreme Court has also told the appeals court to conduct a hearing to decide whether this case should have been tried earlier in the United States Court of Federal Claims rather than in the district court.
Ford Motor Company (NYSE:F) is demanding the interest of $445M for the payment that it had it made to the Internal Revenue Service, to cover any potential underpayments of taxes for the 9 taxable years from 1983-1994. The company had made the payment of $875M to the IRS to make-up for any possible underpayment. However, the Internal Revenue Service discovered later that the company had actually overpaid taxes in the period.
Resultantly, in 1994, Ford Motor Company (NYSE:F) appealed to the IRS to consider it as an advance payment against its future taxes. Ford Motor Company (NYSE:F) is demanding the interest on the over-payment of taxes from the date that the payment has been made. The IRS considers that this interest should be calculated starting from the date that the company requested that the amount be treated as advance payment. Two different lower-courts have fallen in line by the justification that the IRS has given.
Ford Motor Company (NYSE:F) operates in the international automotive industry. It operates in two different sectors: Automotive & Financial Services. In Tuesday’s trading session, Ford Motor Company (NYSE:F) dipped by 2.93%. The shares had an opening price of $17.05, which rose to the intraday high of $17.20 and headed to close at $16.56. The 52-week low of Ford Motor Company (NYSE:F) shares is $11.03 and the 52-week high is $18.02. The company has a market capitalization of $66.24 billion.