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 1934
_________________
Date of Report: June 26, 2003
(Date of earliest event reported)
TEMPLE-INLAND INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 001-08634 75-1903917
(State or Other (Commission (IRS Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
1300 South MoPac Expressway, Austin, Texas 78746
(Address of Principal Executive Offices)
(512) 434-5800
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
The Internal Revenue Service ("IRS") recently concluded its
examination of Temple-Inland Inc.'s (the "Company") tax returns
through 1996 including matters related to the Company's net
operating losses and minimum tax credit carryforwards, which
resulted from certain deductions following the Company's 1988
acquisition of Guaranty Bank and for which no financial
accounting benefit had been recognized. In addition, the
Company resolved certain state tax refund claims for the years
1991 through 1994.
As a result, valuation allowances and tax accruals
previously provided for these matters are no longer required.
Accordingly, the Company will record a second quarter 2003 one-
time tax benefit of approximately $165 million, or approximately
$3.15 per diluted share. Of this one-time benefit, approximately
$25 million represents expected cash refunds of previously paid
taxes plus related interest. The remainder is a non-cash
benefit.
On June 26, 2003, the Company issued a press release
announcing the conclusion of these income tax matters. A copy of
the press release is furnished as exhibit 99.1 of this report.
Item 7. Exhibits.
(c) Exhibits.
99.1 Press release issued by the Company on June 26, 2003,
announcing the conclusion of certain income tax
matters.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
TEMPLE-INLAND INC.
Date: June 26, 2003 By: /s/ Louis R. Brill
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Name: Louis R. Brill
Title: Vice President and
Chief Accounting Officer
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EXHIBIT INDEX
Exhibit Description Page
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99.1 Press release issued by the Company on June 26, 5
2003, announcing the conclusion of certain
income tax matters.