Avient Corp. Fights Penalties from $1.44 Billion Business Deal

Avient Corp. says the IRS is unfairly assessing it $23.8 million in deficiencies and penalties over the sale of foreign subsidiaries.

The Ohio-based polymer materials manufacturer petitioned the US Tax Court March 4, contesting the IRS determination that impacts its 2017 and 2019 tax years. The company claimed a $114.4 million capital loss that it seeks to partly carry back to those two years as allowed under IRC Section 1212.

That capital loss stemmed from the 2020 transaction where Avient, previously known as PolyOne Corp., acquired a plastics materials business from Swiss company Clariant AG, a $1.44 billion ...