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Maryland: 'Geoffrey the Giraffe' Owes State Taxes

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matcom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-04-04 09:05 AM
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Maryland: 'Geoffrey the Giraffe' Owes State Taxes
<snip>

NEW YORK (Reuters) - Geoffrey the Giraffe, the long-necked mascot of Toys R Us, the No. 2 U.S. toy retailer, is in trouble with the tax man in Maryland.

And even the Dutch Boy of Sherwin-Williams Co., the nation's biggest paint maker, has problems.

Maryland is suing both companies to collect state taxes it claims they owe.

Toys R Us will have to go to court to defend its practice of using an out-of-state subsidiary to avoid paying Maryland taxes on so-called intangibles such as royalties, patents and trademarks, State Comptroller Donald Schaefer said.

Sherwin-Williams also faces a trial date over much the same issue, the comptroller added in a written statement.

http://story.news.yahoo.com/news?tmpl=story&cid=573&ncid=573&e=4&u=/nm/20040304/od_nm/economy_maryland_dc
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