Before
The IRS has completed audits of ABC’s income tax returns for the 1995 through 2003 tax years, and has disallowed all net deductions that relate to lease in, lease out transactions. ABC appealed the examination results for the tax years 1995 through 1997 to the Appeals Division of the IRS. During the fourth quarter of 2005, discussions with the Appeals Division were discontinued without a resolution. In March 2007, ABC filed a lawsuit in the United States District Court for the Northern District of Ohio, claiming that the disallowance of the deductions and assessment of penalties were erroneous. The case proceeded to a bench trial, which commenced on January 21, 2008. On May 28, 2008, the Court rendered a decision that was adverse to ABC. Management disagreed with the decision and, on July 23, 2008, ABC filed a notice of appeal to the United States Court of Appeals for the Sixth Circuit.
(152 words)
Before, with commentary
The IRS has completed audits of ABC’s income tax returns for the 1995 through 2003 tax years, and has disallowed all net deductions that relate to lease in, lease out transactions. ABC appealed the examination results for the tax years 1995 through 1997 to the Appeals Division of the IRS. During the fourth quarter of 2005, discussions with the Appeals Division were discontinued without a resolution. [This is longer than necessary.] In March 2007, ABC filed a lawsuit in the United States District Court for the Northern District of Ohio, claiming that the disallowance of the deductions and assessment of penalties were erroneous. [This language is awkward.] The case proceeded to a bench trial, which commenced on January 21, 2008. [Investors don’t need these details, especially since the next sentence explains how the case turned out.] On May 28, 2008, the Court rendered a decision that was adverse to ABC. Management disagreed with the decision and, on July 23, 2008 [as long as the appeal was filed on time, investors don’t care about the exact date], ABC filed a notice of appeal to the United States Court of Appeals for the Sixth Circuit.
After
The IRS has completed audits of ABC’s income tax returns for the 1995 through 2003 tax years, and has disallowed all net deductions that relate to lease in, lease out transactions. ABC appealed the examination results for the tax years 1995 through 1997 to the Appeals Division of the IRS, but did not prevail. In March 2007, ABC filed a lawsuit in the United States District Court for the Northern District of Ohio, claiming that the deductions were appropriate and that the IRS should not have assessed penalties. On May 28, 2008, the court rendered a decision that was adverse to ABC. Management disagreed with the decision and ABC filed a timely notice of appeal to the United States Court of Appeals for the Sixth Circuit.
(126 words)
