A federal appellate court has upheld the dismissal of a longstanding antitrust suit against Hearst and Time Inc.—among other current and former magazine publishers—filed by defunct wholesaler Anderson News, LLC, likely ending a legal battle so protracted that several of its original parties no longer exist. In an opinion released Monday reflecting a unanimous decision from the Second Circuit Court of Appeals, Judge Susan L. Carney wrote that the Southern District of New York had ruled correctly in 2015 when it dismissed a $371 million lawsuit brought by Anderson against six major magazine publishers, among other defendants. Click Read More below for additional information.
Magazine publisher Meredith Corp. is suing the federal government claiming the Internal Revenue Service forced it to overpay its income taxes by $12 million.
The publisher of Better Homes & Gardens and Martha Stewart Living asked the court to order a refund in a lawsuit filed Monday in federal court in Des Moines, where the company is headquartered.
The lawsuit says Meredith historically has claimed a deduction on income derived from production of its magazines and books. Last year the IRS disallowed the deduction and ordered payment of additional taxes for 2006 through 2012 saying Meredith didn’t maintain ownership of the publications while they were running through the contract printers’ presses.
Meredith says that’s a misinterpretation of the law.
An IRS spokesman says he can’t comment on individual taxpayer cases.