Tousa receives $240.2 million of tax refunds

By Caroline Salls

Pittsburgh, April 28 - Tousa, Inc. has received a $207.3 million federal tax refund from the carryback of its 2007 losses, according to an 8-K filed with the Securities and Exchange Commission.

The company said it has also received substantially all of the gross refunds it expected to get from previously paid income taxes for 2005 and 2006, which, together with the 2007 carryback refund, totaled $240.2 million.

Tousa said it has applied some of this amount to estimated 2008 state income taxes.

According to the 8-K, the cash received will be used in accordance with the company's court-approved financing arrangements.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.