NU Online News Service, March 10, 12:00 p.m. EST
American International Group Inc. (AIG) said it has taken steps to protect about $65 billion in tax assets by adopting a “Tax Asset Protection Plan.”
Tax loss “carryforwards” are used by companies to reduce tax liabilities. AIG said it had a $32.3 billion federal net operating loss carryforward, $27.8 billion in capital loss carryforwards and $4.6 billion in foreign tax carryforwards but the company's ability to use them could be “significantly limited” if one or more shareholders buy 5 percent or more of its shares.
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