UPDATE 1-Yum says may have to make material tax payments

(Reuters) - In a regulatory filing, Yum said the IRS had proposed
certain tax adjustments, claiming the company did not file gain
recognition agreements in connection with certain transfers of
foreign subsidiaries.




Yum said it will contest any proposed adjustment and that
it could not give a meaningful estimate for any potential
payments. It added, however, that "given our strong defenses to
the IRS' position, that any payments we would make ... would
not have a significant adverse impact on the company's
financial results or condition."


Read more at Reuters.com Government Filings News