IRS: Alico owes $26.8 million

LABELLE — The Internal Revenue Service is arguing that LaBelle-based Alico Inc. (symbol: ALCO) owes $26.8 million in unpaid taxes and accrued penalties from business operations that took place between 2005 and 2007.

Specifically, the IRS is challenging the operations of two Alico subsidiaries: Agri-Insurance Company Ltd. and Alico-Agri Ltd. Those two entities may owe $14.5 million in unpaid taxes — plus $12.3 million in associated penalties.

But Alico continues to dispute the IRS' claims, making eventual costs impossible to gauge. “The cost of any potential settlement associated with the ultimate resolution of these matters has not been estimated at this time,” the company says in a prepared statement.

Over its past three fiscal years, Alico has generated roughly $440,000 in profits on $284.7 million in revenues. The company's stock price is up 2.47% so far in 2011, to just under $24.50 per share.