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The IRS has disallowed $2.86B in interest and deductions that Tyco (TYC) recognized for the...

The IRS has disallowed $2.86B in interest and deductions that Tyco (TYC) recognized for the 1997-2000 tax years. The move follows an inquiry which found that some of the firm's former subsidiaries owe 883.3M in taxes and $154M in penalties. Tyco disagrees with IRS's claims and intends to go to court over them. Former Tyco units that are caught up in the issue and that could face liabilities include Covidien (COV), TE Connectivity (TEL), ADT (ADT) and Pentair (PNR).
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