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Alico settles IRS dispute for $64.5-million

By Kris Hundley, Times Staff Writer
Posted: Jul 01, 2008 08:10 PM


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Alico Inc. and its insurance subsidiary have settled a long-running dispute with the Internal Revenue Service with a $64.5-million settlement. The payment was $1.7-million below previous company estimates and will result in a refund and reduction in income tax expense for the citrus and cattle business for fiscal 2008. The company, based in LaBelle, will also recognize an additional deferred tax asset of about $3.5-million for 2008. Alico owns 135,500 acres in Collier, Glades, Hendry, Lee and Polk counties.



[Last modified: Jul 01, 2008 08:10 PM]



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