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January 21, 1987

BANKRUPTCY COURT SETS STORAGETEK’S BACK TAX AT MAXIMUM OF $23M

By CBR Staff Writer

On the thorny issue of the Internal Revenue Service’s outrageous tax demand against StorageTek, the bankruptcy court has set the maximum back tax the company needs to pay at about $23m against a demand running into hundreds of millions from the tax gatherers. The revenue men are appealing the bankruptcy court decision, but it has been decided the appeal will be heard by the US District Court in Denver rather than a Federal tax court.

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