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Ford loses bid to recoup $450 mln interest on overpaid taxes
October 1, 2014 / 2:47 PM / 3 years ago

Ford loses bid to recoup $450 mln interest on overpaid taxes

Oct 1 (Reuters) - A federal appeals court on Wednesday rejected Ford Motor Co’s bid to recoup about $450 million of interest from the U.S. government on taxes that the automaker overpaid.

The 6th U.S. Circuit Court of Appeals did not accept Ford’s argument that its overpayments, which dated to 1983, were essentially a loan to the Internal Revenue Service on which it should have been able to accrue interest.

Wednesday’s decision came 10 months after the U.S. Supreme Court threw out an earlier ruling against Ford, and asked the 6th Circuit to take a new look at the long-running case. (Reporting by Jonathan Stempel in New York)

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