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Technology Stocks : Intel Corporation (INTC)

INTC 36.15

-0.6%

Dec 24 12:59 PM EST

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To: Road Walker who wrote (177101)	2/23/2004 9:05:47 AM
From: Road Walker	Read Replies (1) of 186894

8:11AM Intel discloses that IRS proposes certain adjustments to tax benefit for its export sales (INTC) 30.00: Co discloses in 10-K that in Aug 2003, in connection with the IRS regular examination of Intel's tax returns for the years 1999 and 2000, the IRS proposed certain adjustments to the amounts reflected by Intel on these returns as a tax benefit for its export sales. If the IRS issues formal assessments consistent with the notices and ultimately prevails in its position, Intel's federal income tax liability for these years would increase by approx $600 mln, plus interest. The IRS may make similar claims for years subsequent to 2000 in future audits. Intel disputes the proposed adjustments and intends to pursue this matter through applicable IRS and judicial procedures, as appropriate. Although the final resolution of the proposed adjustments is uncertain, based on currently available information, management believes that the ultimate outcome will not have a material adverse effect on the co's financial position, cash flows or overall trends in results of operations. finance.yahoo.com

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