USA: Levi Strauss Data Questioned By IRS
A declaration accusing Levi Strauss & Co of providing "misleading, incomplete and inconsistent information," has been filed in the US District Court in San Francisco by an Internal Revenue Service supervisor according to newspaper reports.
The Wall Street Journal says that in a 20-page declaration, Sharon Kariya, an IRS international manager, said Levi "mischaracterized" third-party loan transactions and withheld documents sought by the IRS as part of its examination of Levi's tax returns between 1990 and 1999.
An investigation is ongoing between Levi and the IRS over millions of dollars in tax deductions taken by Levi's overseas entities.
Ms Kariya said IRS documents showed there was a connection between a Levi entity and a Brazilian partnership that is a focus of the IRS examination - even though evidence of transactions between the two had been denied.
Levi claimed $138 million in losses from the Brazilian partnership from 1986 through 1994 even though it never produced any jeans The Wall Street Journal said.
Companies: Levi Strauss & Co
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