ISC gets millions back in settlement with IRS

A settlement announced today between the IRS and International Speedway Corp. brings $97 million back to company coffers.

The tax settlement stems from a 2002 IRS probe into ISC’s depreciation of its facilities. The inquiry included federal taxes from 1999 through 2005. ISC deposited $118 million with the U.S. Treasury during the investigation and will get $97 million of that back in the settlement, plus about $14 million in interest.

Now that the federal case is settled, company officials are working on similar settlements with several states, which could cost the company $6 million to $9 million.

ISC officials also said this morning they are reactivating a $250 million stock repurchase plan they suspended in September due to tight credit markets and the company’s desire to build cash reserves. Daytona Beach News Journal