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Wed, Sep 03, 2003

How Could They NOT Be Expensed?

FedEx Wins Unbelievable Case: Federal Court Rules Jet Engine Maintenance Costs Are Deductible

FedEx Corp. received a favorable ruling from the U.S. District Court in Memphis over the tax treatment of jet engine maintenance costs. The court held that these costs were 'ordinary and necessary business expenses' and properly deductible by FedEx.

IRS tried unlikely grab:

For the tax years 1993 and 1994, the IRS had proposed adjustments characterizing routine jet engine maintenance costs as capital expenditures that had to be recovered over a seven year period, rather than as expenses that are deducted immediately, as had been the company's practice. In August 2000, FedEx paid $70 million to the IRS in tax and interest in order to file suit for a complete refund of the amounts paid, plus interest.

FedEx's financial results for the first quarter will be announced on September 17, 2003.

FMI: www.fedex.com

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