Alliance Semiconductor Affirms Settlement With Internal Revenue Service
January 10 2008 - 6:00AM
Business Wire
Alliance Semiconductor Corporation (Pink Sheets:ALSC) announced
today that at a hearing before Judge Goeke of the United States Tax
Court, counsel for the Internal Revenue Service advised the Court
that the Internal Revenue Service will abide by the terms of the
Stipulation of Settled Issues previously filed with the Court and
described in a Form 8-K filed on July 6, 2007. The Court directed
that decision documents be filed with the Court by February 6,
2008. Counsel for the IRS also informed the Court that as a result
of the settlement no additional taxes will be owing by Alliance for
its taxable years 1999 through 2002. In addition, Alliance expects
to receive a tax refund for the 2001 tax year. However, as a result
of the settlement, Alliance�s net operating losses will be reduced.
The Internal Revenue Service�s agreement to honor the terms of the
stipulated settlement as originally filed with the U.S. Tax Court
followed a challenge by the IRS that was previously disclosed. The
parties� agreement is not subject to regulatory review. Forward
Looking Statements Except for historical information contained in
this release, statements in this release may constitute
forward-looking statements regarding our assumptions, projections,
expectations, or beliefs about future events. Words or phrases such
as �expects� or similar expressions identify forward-looking
statements. Forward-looking statements involve risks and
uncertainties, which could cause actual results or outcomes to
differ materially from those expressed. We caution that while we
make such statements in good faith and we believe such statements
are based on reasonable assumptions, we cannot assure you that our
projections will be achieved. In addition to other factors and
matters discussed from time to time in our filings with the U.S.
Securities and Exchange Commission, some important factors that
could cause actual results or outcomes for the Company or our
subsidiaries to differ materially from those discussed in
forward-looking statements include: the possibility of our
assumptions underlying our estimated refund for the 2001 tax year
not being realized; and adverse state, federal or foreign
legislation. Any forward-looking statement speaks only as of the
date on which such statement is made, and, except as required by
law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events.
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