Utility Co. May Be Liable for Enron Taxes

PORTLAND, Ore. -- Portland General Electric may have to pay part of an $111 million tax bill facing parent company Enron as a result of Enron's bankruptcy, The Associated Press reported Monday.

The Internal Revenue Service filed various tax claims in the Enron bankruptcy on March 28, according to documents PGE submitted Thursday with the Securities and Exchange Commission.

The Form 10-K filing with the SEC states that PGE, along with other members of Enron's consolidated tax group of companies that are not in bankruptcy, are liable for some penalties and interest associated with the taxes still due.

The IRS also could go after PGE for any portion of the claim that is allowed in the bankruptcy but can't be collected from debtors.

-- NYSSCPA.org News Staff

Posted on 04/7/03