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International Speedway Corporation Announces Settlement With the Internal Revenue Service.

Publication: PR Newswire
Publication Date: 03-JUN-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
~Company to Reactivate Open Market Share Repurchase Program~

DAYTONA BEACH, Fla., June 3 /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") announced today that it has entered into a definitive settlement agreement (the "Settlement") with the Internal Revenue Service (the "Service") in connection with the previously disclosed federal income tax examination for its 1999 through 2005 fiscal years. In order to prevent incurring additional interest, beginning in fiscal 2005 ISC deposited corporate funds with the United States Treasury relating to this examination. As a result of the Settlement, the Company expects the Service will return to ISC approximately $97 million of its $118 million deposit.

Settlement Details

In addition, the Company expects to receive approximately $14 million in cash for interest earned on the deposited funds to be returned. In its fiscal 2009 second quarter results, ISC will record the interest income net of applicable taxes and related adjustments through income tax expense....

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