Starwood ( HOT) had a series of announcements Tuesday morning, saying it would add to its stock buyback, repatriate half a billion dollars of earnings and send a big check to the Internal Revenue Service.

The company's board increased the share-repurchase authorization by $1 billion, meaning Starwood can now buy back up to $1.3 billion of stock.

Additionally, the hotel owner said it plans to repatriate about $550 million from its Italian unit. The company, based in White Plains, N.Y., expects the tax on the repatriation to be about $50 million, which will be recorded in the third quarter.

Also, as a result of a recent U.S. Tax Court decision, the board has approved a cash payment to the IRS of around $360 million. Starwood said the payment is meant to eliminate any future interest accruals related to a pending IRS dispute over the 1998 disposal of ITT World Directories, which the company believes was completed on a tax-deferred basis.

The company is planning to record a $40 million charge in the third quarter, mainly related to interest that would be owed to the IRS if Starwood doesn't prevail in the matter.

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