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WASHINGTON - A federal jury has rejected a $24 million tax refund claim filed by tobacco company Altria Group Inc.
The IRS challenged tax deductions the Richmond, Va.-based company made in 1996 and 1997 in connection with leveraged lease transactions.
The company claimed the ownership structure of the properties allowed it to take certain tax deductions. The jury did not agree and rejected its claim.
The Justice Department says that taxpayers entered into hundreds of these types of tax shelters in the late 1990s and that billions of dollars may be at stake in disputes over these transactions.
Altria said it will seek further review of the verdict against it.
Altria Group is the parent company of Philip Morris USA, the largest US tobacco company.
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