M.D.C. Holdings (MDC) Can Not Reach Settlement with IRS Based on Post-Appeals Mediation
M.D.C. Holdings, Inc. (NYSE: MDC) announces that they have received a letter from the IRS Appeals Office that they could not reach a settlement on the basis reached in the post-appeals mediation. M.D.C. said that they are currently considering their options.
M.D.C. reached a settlement with the Internal Revenue Service (“IRS”) on the audit of its 2004 and 2005 federal income tax returns, which settlement was subject to review by the Joint Committee on Taxation.
M.D.C. notes that no adverse financial statement impact is expected to occur due to reserves and deposits made in prior periods.
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