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Judge Allows Grand Jury Probe of GM Tax Dealings
A judge ruled the federal government may proceed with a grand jury investigation into General Motors tax payments, while restricting sharing of jury evidence with the IRS. The decision leaves open a future IRS petition for access and potential resumption, with both sides claiming partial victory. GM disputes the accounting rulings and tax treatment of expense materials, including tool kit parts, arguing the IRS earlier approved the method in 1944 and 1971. The IRS seeks to determine if GM willfully underpaid taxes by millions between 1972 and 1975, with GM paying over $41.5 billion in federal taxes in that era and a record $2 million last year. The government aims to see if deductions were proper when parts were bought, regardless of usage.