Alliance Semiconductor Concludes Settlement with Internal Revenue Service
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Alliance Semiconductor Corporation (Pink Sheets: ALSC) announced today
that final decision documents filed with the United States Tax
Court have been signed and entered by the judge, concluding Alliance's
dispute with the Internal Revenue Service in accordance with the terms
of the Stipulation of Settled Issues previously filed with
the Tax Court and described in Form 8-Ks filed on July 6, 2007 and
January 10, 2008. Pursuant to the decision documents, Alliance will
receive a tax refund of $6,641,660, plus interest, for the 2001 tax
year. As previously announced, as a result of the settlement no
additional taxes will be owed by Alliance for its taxable years 1999
through 2002, but Alliance’s net operating
losses will be reduced.
