4 Tech Stock Stories Setting Off Thursday Chatter
Google (NASDAQ:GOOG): Closing price $877.07
Google has sued the Internal Revenue Service to obtain an $83.5-million refund, contending that it was improperly refused a deduction for a 2004 stock transaction with America Online. The complaint filed in United States Tax Court alleges that the IRS was wrong in disallowing a $238.6 million deduction claimed for the difference between the price that AOL paid to exercise a warrant for Google stock, and the value of the shares. The search engine behemoth said in the statement, “Google’s actual cost for issuing the AOL warrant was $238,667,835, which equaled the spread between the $21,642,985 it received from AOL to exercise the AOL warrant and $260 million in value” of the stock.