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Covidien plc (COV) Could Be on the Hook for Nearly $450 Million in Back Taxes



7/3/2013 7:17:04 AM

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Covidien could wind up with a nearly $450 million tax tab from its days as Tyco Healthcare, after the IRS nixes some $914 million in interest deductions dating back to the years1997 through 2000

Covidien (NYSE:COV) could wind up stuck with its share of a $1.07 billion tax bill, after the IRS told its former corporate parent, Tyco International (NYSE:TYC), that tax deductions it took from 1997 to 2000 will be disallowed, according to a regulatory filing.

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