LandAmerica agrees to pay $6.8 million under IRS tax claim settlement

By Caroline Salls

Pittsburgh, Oct. 30 - LandAmerica Financial Group, Inc. has agreed to pay $6.8 million to the Internal Revenue Service in settlement of a $35.18 million 2003 tax deficiency claim, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

According to the motion, the IRS sent a notice of deficiency to LandAmerica in 2003 solely in connection with the reporting of income from title insurance policies.

Along with bankruptcy court approval, the claim settlement is also subject to the U.S. Tax Court entering a stipulated decision in a related tax court case.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26, 2008. Its Chapter 11 case number is 08-35994.

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