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Lucent May Get $816M IRS Refund

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TRENTON, N.J., Sept. 2 -- Lucent Technologies filed a document with the Securities and Exchange Commission today stating the Internal Revenue Service has tentatively approved a claim for an $816 million federal income tax refund. The claim covers Lucent's 2001 fiscal year, when the company reported a net loss of $16.2 billion due the the telcommunications industry slump. A carryover enables a company to take net operating losses from one fiscal year, carry them back to a prior, profitable year and deduct the losses from that year's profit to produce a tax refund for the earlier year. Lucent...Read full article

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    Published: September 2004
    carrybackCommunicationsLucentLucent Technologiesnet operating loss carrybackNews & Featuresnternal Revenue ServiceSecurities and Exchange Commission

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