IRS Probing Caterpillar Parts Deals Examined by Senators
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The Internal Revenue Service is challenging Caterpillar Inc. on overseas transactions involving its spare-parts business, the company disclosed yesterday in a regulatory filing.
The transactions were the focus of a congressional hearing last month at which Senator Carl Levin, a Michigan Democrat, said Caterpillar had made a “paper change” to book U.S. profits in Switzerland that saved the company $2.4 billion in U.S. taxes from 2000 to 2012.