carrier J.B. Hunt may owe up to $39 million if the IRS wins a case now
under way, the company said recently in a statement.
involves tax benefits that Hunt received as part of a sale and leaseback
transaction in 1999. The IRS has sent a Notice of Proposed Assessment to
the carrier indicating the agency wants to disallow those tax benefits.
it intends to fight the IRS over the benefits. The carrier said if all
were disallowed, the company would owe the government the full $39 million.
the transactions conform with applicable tax law,” Hunt said in a statement. “We
intend to vigorously defend against the IRS position using all administrative
and legal processes available.”
has 30 days to respond to the IRS and appeal the agency’s decision.
a $2 billion-a-year carrier that operates more than 10,750 trucks and roughly