Braves owner agrees to $136 million tax settlement

1:36 PM, Dec 20, 2011   |    comments
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ATLANTA -- Liberty Media Corp. will pay to settle its disputed taxes from 2010.

The company, which owns the Atlanta Braves baseball franchise, said it would pay $136 million in federal income taxes to settle claims by the Internal Revenue Service against it and its former parent company, Liberty Interactive Corp., according to a Dec. 20 filing to the Securities and Exchange Commission.

The settlement will decrease the company's short-term tax liability by $700 million, and cut its long-term liability by $460 million on deferred derivative gains and capital losses, the company said in the filing.

Liberty will record a federal income tax expense of $136 million and a deferred tax benefit of $240 million this quarter, the company said.

(Atlanta Business Chronicle)

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