Nortel, IRS Settle $3 Billion Tax Dispute

It looks like bankrupt Nortel Networks will avoid a trial over the $3 billion it owes in taxes to the U.S. government. In a filing Thursday, the company said it had come to an “interim resolution” with the IRS. The trial, which was scheduled to start Tuesday, has been canceled.

Few specific details were immediately available, but the IRS will not hold Avaya responsible for any of Nortel’s tax debt. Avaya purchased Nortel’s enterprise division last month for $900 million.

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