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Coca-Cola announced on August 2 that it would pay the IRS $6 billion in back taxes and interest while appealing a federal tax court decision related to disputed taxes from 2007 to 2009.
Coca-Cola to Pay $6 Billion in Back Taxes as It Appeals 17-Year IRS Dispute
While appealing a final federal tax court decision in a case that spans 17 years, Coca-Cola Co. disclosed on August 2 that it will pay the Internal Revenue Service $6 billion in back taxes and interest.
The Atlanta beverage behemoth has declared its unwavering commitment to its legal battle. With a strong belief in its position, it is confident that it will prevail in the dispute that arises from the taxes and interest that the IRS asserts the company is obligated to pay from 2007, 2008, and 2009.
“The company looks forward to the opportunity to begin the appellate process and, as part of that process, will pay the agreed-upon liability and interest,” it said in a statement. Coca-Cola spokesperson Scott Leith declined additional comments from The Associated Press.
Yahoo Finance report, on August 2, U.S. Tax Court Judge Albert Lauber issued a two-sentence decision and order that concluded his investigation of the case. The lawsuit was filed in December 2015, shortly after the company informed the IRS that it owed an additional $3.3 billion in federal taxes and interest for the previous three years.
In its August 2 statement, Coca-Cola accused the IRS of altering the method by which it permitted the company to calculate U.S. income based on profits exceeding $9 billion from foreign licensees and affiliates.
An IRS spokesperson should have promptly responded to an AP telephone message on August 2.
Coca-Cola Challenges IRS Ruling, Seeks $6 Billion Refund After Decades-Long Tax Methodology Dispute
In a 2015 Securities and Exchange Commission filing, Coca-Cola stated that it had been employing the same methodology to determine its taxable U.S. income from foreign affiliates for nearly three decades.
The company stated in a quarterly report submitted to the Securities and Exchange Commission (SEC) on July 29, which included investor guidance that it believes that the IRS and Lauber "misinterpreted and misapplied the applicable regulations" in reallocating the income earned by the company's foreign licensees.
According to the publicly traded company, Coca-Cola's appeal is expected to result in a refund of "some or all of (the $6 billion) plus accrued interest." The company hopes this will happen and plans to file appeal documents within 90 days.
After reporting a stronger-than-anticipated second quarter, the company increased its full-year sales guidance last week, bolstered by product price increases.
