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WASHINGTON (AP) - An ad hoc group of accountants and lawyers may be close to winning a federal court battle that could help millions of investors claim billions of dollars in overpaid federal taxes the past 15 years.
Led by Charles D. Ulrich, a retired accountant in Baxter, Minn., the group charges the Internal Revenue Service overtaxed stock and cash these investors received from mutual life insurance companies when they reorganized into publicly traded corporations.
A trial is scheduled to start June 18 in the Court of Federal Claims. But the clock is ticking for anyone who seeks to claim a refund on overpaid taxes on insurance company distributions in 2003 because of a three-year statute of limitations to claim refunds.
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