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WASHINGTON—Seeking redress for tax overpayments, American International Group Inc. has filed a $30.2 million lawsuit against the U.S. government.
Filed Thursday in the U.S. Court of Federal Claims, the suit revolves around the tax filing AIG made on Sept. 14, 1992, for its 1991 fiscal year. The New York-based insurer said it was seeking relief under Section 6611 of the Internal Revenue Code of 1986, which concerns the allowable interest on overpayment of federal taxes.
Filed on behalf of AIG by attorney Charles R. Ruchelman of Washington-based Caplin & Drysdale Chartered, the suit also seeks to resolve tax underpayments the company made in fiscal years 1997, 1998 and 1999.
“AIG has made its best efforts to claim netting benefits to which it would be entitled as a result of matching the tax overpayments determined for its taxable year 1991 against equivalent tax underpayments that so far have been determined for its taxable years 1997, 1998, and 1999,” the complaint states. “AIG is bringing this action to protect itself against the running of the six-year statute of limitations on suing for additional overpayment interest before a final resolution of its tax liabilities for 1997, 1998 and 1999.”
As a result of the bailout of AIG during the financial crisis, the U.S. government still maintains ownership of 1.06 billion shares of AIG common stock, approximately 61% of the shares outstanding.
WASHINGTON—Four former members of the Congressional Oversight Panel for the Troubled Asset Relief Program are calling for an end to tax breaks favoring New York-based American International Group Inc.