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Ramco-Gershenson Settles Dispute with IRS for $5M

SOUTHFIELD, MI-Shopping center operator Ramco-Gershenson says it has settled a dispute with the IRS and will pay a special dividend to current shareholders.

By Dan Heaton | Updated on December 17, 2003

SOUTHFIELD, MI-Shopping center owner Ramco-Gershenson Property says it has resolved a tax dispute with the Internal Revenue Service and that it will pay a “deficiency dividend” to shareholders.

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.

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