Coca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.
FILE - The Coca-Cola logo adorns the side of a delivery truck May 15, 2024, in southeast Denver. Coca-Cola reports earnings on Tuesday, July 23, 2024. Coca-Cola Co. said Friday, Aug. 2, 2024, it will pay a back tax bill amounting to $6 billion to the Internal Revenue Service while it appeals a federal tax court judge's latest ruling in a case dating back 17 years. Coca-Cola Co.
U.S. Tax Court Judge Albert Lauber on Friday issued a two-sentence decision and order ending his look at the case. The dispute reached court in December 2015, shortly after the company said it notified the IRS thatIn its Friday statement, Coca-Cola accused the IRS of changing how it let the company calculate U.S. income based on profits amounting to more than $9 billion from foreign licensees and affiliates.
An IRS spokesperson did not immediately respond Friday to a telephone message from AP about the case. In a Securities and Exchange Commission filing in 2015, Coca-Cola said it had been following the same method to calculate its taxable U.S. income from foreign affiliates for nearly 30 years.filed with SEC filing on Monday, which included guidance to investors, the company said it believes the IRS and Lauber “misinterpreted and misapplied the applicable regulations in reallocating income earned by the company’s foreign licensees.
The publicly traded company said it expected that “some or all of , plus accrued interest, would be refunded” if Coca-Cola wins its appeal. It has 90 days to file appeal documents.stronger-than-expected second quarterCopyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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