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Technology Stocks : IDT *(idtc) following this new issue?*
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To: 613 who wrote (30804)7/6/2007 7:20:50 PM
From: carreraspyder   of 30916
 
Paying Taxes by Phone
IDT (nyse: IDT - news - people ), the Newark, N.J. long-distance firm whose $840 million market cap and (at last report) $750 million in reasonably liquid assets contrast sharply with its declining sales and rising losses, confirms the Internal Revenue Service is auditing its tax returns for 2001 to 2004. Likely focus: whether IDT properly used tax-cutting losses from the Net2Phone unit, a pioneering Voice-over-Internet provider IDT controlled but never majority owned. Estimates of an IRS back tax bill soon range from zero (that from IDT, which defends its accounting) to $300 million. Stanford Group analyst Clayton Moran says the top figure could whack 29% off the shares, recently trading at $10.22. -- Michael Maiello
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