IRS Overtaxed

Santa Clara, CA: (Feb-11-08) Alliance Semiconductor Corporation brought charges against the Internal Revenue Service, alleging that it was wrongfully overtaxed for its taxable years 1999 through 2002. Sources close to the case stated that the parties had reached a settlement agreement, resolving the dispute. Alliance Semiconductor officials claimed that final decision documents filed with the United States Tax Court have been signed and entered by the judge, concluding Alliance's dispute with the Internal Revenue Service in accordance with the terms of the Stipulation of Settled Issues previously filed with the Tax Court and described in Form 8-Ks. Under the terms of the deal, Alliance will receive a tax refund of $6,641,660, plus interest, for the 2001 tax year. As previously announced, as a result of the settlement no additional taxes will be owed by Alliance for its taxable years 1999 through 2002, but Alliance's net operating losses will be reduced. [BUSINESS WIRE: IRS OVERTAXED]

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Published on Feb-12-08