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CA wins up to $80 million on IRS appeal
Islandia software maker CA Technologies has won an appeal with the Internal Revenue Service that the company says will result in a refund of up to $80 million.
The move lowers the company’s 2014 fiscal-year tax rate to 14 percent, down from 31 percent, increasing its first-quarter income to up to $185 million. CA also expects to receive a refund of $70 million to $80 million for the years 2005 to 2007.
The company’s stock rose 1.53 percent Friday, to $27.22 per share.