AGRICULTURE

Amcor Capital Corp. Sues IRS for $1 Billion: The agricultural and real estate tax shelter firm, formerly based in Irvine, said it sued the agency last week in U.S. District Court in Los Angeles, charging it with violation of Amcor’s constitutional rights, invasion of privacy, conspiracy and illegal release of tax information during an investigation the Internal Revenue Service began in 1988. According to an IRS agent’s court statement, the agency suspected the company of offering investors tax deductions based on fraudulent investment deals. No criminal charges have ever been filed. Judith A. Golden, a spokeswoman for the Laguna Niguel District of the IRS, said the agency has “an ongoing civil tax court case in this matter and therefore we cannot comment.” Amcor, now based in Coachella, Calif., charges that the IRS action caused its stock to fall to 25 cents from $4 a share and resulted in its delisting from Nasdaq and the premature sale or lease of some of its properties.