AT&T Inc. is booking a $8.3 billion gain in its third quarter to cover depreciation of wireless assets, under terms of a settlement with the Internal Revenue Service.
AT&T said in a regulatory filing Friday that it is recording the $1.40-per-share gain as a reduction in tax liabilities. The company said it will book the cash flow impact over a 15-year period beginning in 2008.
The Dallas-based phone company also is paying the IRS $300 million in the fourth quarter to settle issues with company's 2008 federal tax return. The payment covers certain disallowed deductions taken in 2008 and 2009.
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