The company said it has agreed to pay the IRS about $5.2 million and said Atlantic Realty Trust is obligated to reimburse the company for the costs of the settlement and for almost $2.2 million that Ramco-Gershenson will pay out to its existing shareholders in the form of a special dividend.
Ramco-Gershenson said the dispute stems from 1991-1995, prior to the current management of the firm taking over the company.
Southfield-based Ramco-Gershenson said it would pay a dividend of 13.1 cents per share on Jan. 20, 2004, to shareholders of record as of Dec. 31, 2003.
"The company is thrilled to have resolved the tax dispute, which predates the acquisition of Ramco-Gershenson by RPS Realty Trust and to put this issue behind us," said president and CEO Dennis Gershenson. "We are equally pleased that the dispute was settled in a manor that benefits our existing shareholders."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
