The Internal Revenue Service informed Pennzoil Co....
From Times Staff and Wire Reports
The Internal Revenue Service informed Pennzoil Co. that it could owe $956.5 million in back taxes and interest associated with a $3-billion legal settlement received from Texaco Inc. in 1988. Pennzoil disputed the findings and said it will take the matter to court if necessary. . . . Chase Manhattan Corp. increased its quarterly dividend by 10% to 33 cents a share and announced a plan to grant all of its employees performance-based stock options.
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