International Paper says it will pay about $310 million to settle tax dispute

International Paper said in a Securities and Exchange Commission filing Friday afternoon that it has settled a tax dispute with the Internal Revenue Service and will pay about $260 million in federal income taxes, plus interest expense of about $50 million, a total of roughly $310 million.

The Memphis-based company said the payment had to do with what it referred to as the "2015 timber monetization restructuring tax matter."

The company had disclosed in a financial note earlier this year that the IRS was looking into the matter, and in the Friday SEC filing the company referred to an "audit."

Details of what was involved in the dispute weren't clear. An International Paper representative didn't immediately return a phone call late Friday afternoon.

The company announced in its Friday afternoon SEC filing that it had agreed to settle the tax dispute on Sept. 2.

Original document: Read the September 9, 2022 SEC filing.

International Paper focuses much of its business on production of corrugated boxes. The company reported $5.4 billion in sales in the most recent quarter.

Investigative reporter Daniel Connolly welcomes tips and comments from the public. Reach him at 529-5296, daniel.connolly@commercialappeal.com, or on Twitter at @danielconnolly.

This article originally appeared on Memphis Commercial Appeal: International Paper and tax dispute