levi strauss tax problem

Jeans maker Levi Strauss & Co. (LS&CO), USA, has revealed errors in its tax returns for 1998 and 1999 resulting in almost $31 million being wiped off previously reported earnings.
The San Francisco-based business says that in 1998 and 1999 it mistakenly took the same tax deduction twice for losses related to various manufacturing plant closures. The mistakes are expected to cost the company around $3M. in future taxes and force a restatement of previous earnings.
The first casualty of this tax mess is the company's recently released third-quarter 2...