LA BELLE, Fla. (AFX) - Alico Inc., a land and agribusiness company, said Friday it received a letter from the Internal Revenue Service saying it has 30 days to either pay back taxes and penalties of $39.4 million to $82.3 million or submit a rebuttal.
Alico said previously the IRS told the company an audit showed it should have reported additional taxable income for its Agri Insurance subsidiary for 2000 to 2004, when the subsidiary had tax-exempt status.
The company said it will continue to oppose the IRS assessment.
Shares of Alico fell 62 cents to $58.06 on the Nasdaq.
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