The company said it has agreed to pay the IRS about $5.2 million and said Atlantic Realty Trust is obligated to reimburse the company for the costs of the settlement and for almost $2.2 million that Ramco-Gershenson will pay out to its existing shareholders in the form of a special dividend.
Ramco-Gershenson said the dispute stems from 1991-1995, prior to the current management of the firm taking over the company.
Southfield-based Ramco-Gershenson said it would pay a dividend of 13.1 cents per share on Jan. 20, 2004, to shareholders of record as of Dec. 31, 2003.
"The company is thrilled to have resolved the tax dispute, which predates the acquisition of Ramco-Gershenson by RPS Realty Trust and to put this issue behind us," said president and CEO Dennis Gershenson. "We are equally pleased that the dispute was settled in a manor that benefits our existing shareholders."
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