Procter & Gamble says IRS overcharged it $435M

CINCINNATI (AP) -- Procter & Gamble Co., a huge consumer products maker whose products include Crest toothpaste and Pampers diapers, is suing the U.S. government for nearly $435 million.

The Cincinnati-based company says the government owes it that amount in taxes and interest after it was "erroneously and illegally assessed" in an IRS audit.

The dispute stems over credits for technologies donated to universities and other institutions, donated artwork, and other issues involving six years of tax returns.

P&G says it paid federal income taxes of more than $6 billion in those years.

P&G spokeswoman Jennifer Chelune wouldn't comment Friday on the pending litigation, and the IRS didn't immediately respond to a request for comment.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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