SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of l934
Date of Report: August 14, 1995
(Date of earliest event reported)
_______________________
FEDERAL EXPRESS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
1-7806 7l-0427007
(Commission File Number) (IRS Employer Identification No.)
2005 Corporate Avenue, Memphis, Tennessee 38l32
(Address of principal executive offices)
Registrant's Telephone Number, including area code:
(901) 369-3600
ITEM 5. OTHER EVENTS
On August 14, 1995, Federal Express Corporation (the "Registrant") announced,
by the press release attached as Exhibit 20.1 to this report and
incorporated herein by reference, that it had reached an agreement to settle
an excise tax dispute with the Internal Revenue Service.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
20.1 Registrant's press release, dated August 14, 1995.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FEDERAL EXPRESS CORPORATION
By: /s/ ALAN B. GRAF, JR.
---------------------------
Alan B. Graf, Jr.
Senior Vice President and
Chief Financial Officer
Dated: August 15, 1995
EXHIBIT INDEX
Exhibit Description of Exhibit
20.1 Registrant's press release, dated August 14, 1995.
EXHIBIT 20.1
[COMPANY LETTERHEAD]
Contact: Federal Express
Tom Martin
(901) 395-3490
FOR IMMEDIATE RELEASE
FEDEX SETTLES EXCISE TAX DISPUTE WITH IRS
______________________________________________________________________________
MEMPHIS, TN (August 14, 1995) -- Federal Express Corporation announced today
that it had reached an agreement concerning an excise tax dispute with the
Internal Revenue Service for the seven and one-half year period ending March
31, 1991. Under the terms of the settlement, FedEx will not owe any
additional federal excise tax for this period.
The dispute involved a claim by the IRS that the Company had underpaid federal
excise tax by as much as $159,000,000. This settlement agreement completes
the IRS' audit of the Company's federal excise tax returns for the period
covered by the settlement. The Company also gave up its claim for a
$70,000,000 refund of excise tax for the same time period.
Federal Express is the world's largest express transportation company,
providing fast and reliable services for nearly 2.4 million items in 204
countries each working day. The company employs more than 111,000 people
and operates more than 500 aircraft, 35,500 vehicles and nearly 180,000
Powership and FedEx Ship automated systems in its integrated global network.
Federal Express reported revenues of $9.4 billion for its fiscal year ended
May 31, 1995.
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[FEDERAL EXPRESS LETTERHEAD]
