Lucent Technologies Inc, a maker of telecommunications equipment, on Wednesday said it received final approval on a tax agreement with the US Internal Revenue Service that will result in a tax refund of about $816 million, plus interest. Lucent, based in Murray Hill, New Jersey, said the US Congressional Joint Committee on Taxation had approved its agreement with the IRS that allowed a carry-back of a net operating loss to 1996, resulting in the tax refund.
Lucent said an income tax benefit of $816 million and $45 million of interest will be recognised in its results for the period ended September 30, 2004.