Statement of Assistant Attorney General Eileen J. O’connor on the United States Court of Federal Claims Decision in H. J. Heinz Company v. United States of America

The following press release was published by the US Department of Justice on May 25, 2007. It is reproduced in full below.

FOR IMMEDIATE RELEASE FRIDAY, MAY 25, 2007 WWW.USDOJ.GOV TAX (202) 514-2007 TDD (202) 514-1888 "Yesterday’s decision in H. J. Heinz Company vs. United States is another in a series that have concluded that regardless what labels are used, or how complicated are the transactions, courts will look at what really happened when deciding if a taxpayer has actually incurred the losses claimed on a tax return. United States Court of Federal Claims Judge Allegra rejected the company’s attempt to claim losses of $124 million on transactions that actually produced more than $6 million in profit. The Tax Division will continue its vigorous efforts to defend the integrity of our nation’s tax laws. The people and businesses who pay the tax the law requires deserve no less.” 07-387

Source: US Department of Justice