(The Associated Press circulated the following story on August 6.)
WASHINGTON, D.C. — Union Pacific Corp. said Friday it received a preliminary notice of deficiency from the Internal Revenue Service as a result of an examination of its federal income tax returns for the years 1995 to 1998.
Specifically, the IRS proposes to disallow 100 percent of the deductions claimed in connection with some donations of property that occurred during those years.
The Omaha, Neb.-railroad and trucking company said it disputes the proposed adjustments, and plans to vigorously defend its position through applicable IRS procedures, and, if necessary, litigation.
Union Pacific said it is currently unable to estimate the impact this may have on its financial statements.
New York Stock Exchange-listed Union Pacific shares closed Friday at $55.16, down $1.29, or 2.3 percent.