Thursday, November 23, 2006

DaimlerChrysler unit tax appeal denied

A Wisconsin state appeals court ruled Wednesday that a DaimlerChrysler AG unit can't count sales tax from bad financing contracts as a tax deduction, . The court said DaimlerChrysler Services North America was not entitled to the deduction because car dealers paid the sales tax to the Department of Revenue, not the company, according to court documents. DaimlerChrysler Services North America, the financial division of Auburn Hills-Mich.-based DaimlerChrysler AG, claimed it paid the sales taxes. Court records said dealers sold the purchasers' installment contracts to the company, but dealers in fact paid the state sales tax. The company paid the dealers the full amount of the contracts, including sales tax. Purchasers then pay a portion of the sales tax each time they make a loan payment.

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