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.

Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years.

The Atlanta beverage giant said it will continue to fight and believes it will win the legal dispute stemming from taxes and interest the IRS maintains the company owes from 2007, 2008 and 2009.

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 that it owed $3.3 billion more in federal taxes and interest for those three years.

  • Flying Squid@lemmy.world
    344·
    4 months ago

    Sounds like maybe we should nationalize the Coca-Cola company.

    I’m just kiddding! This is America! We don’t do sensible things with corporations.

  • Huckledebuck
    11·
    4 months ago

    This is the first I’ve heard about this. Anyone able to speculate on how hopeful Coke should be for a successful appeal?

    • CaptainSpaceman@lemmy.world
      15·
      4 months ago

      Im no expert, but I do know that the US seems to be going after taxes from the wealthy rn. A determined IRS probably has the standing to keep the money, at least most of it.

      Given the antitrust suits also coming up the last year or so, id say more is coming, too.

    • NABDad@lemmy.worldEnglish
      4·
      4 months ago

      Only if they can afford to appeal all the way up to the Supreme Court. Then they just have to buy the decision they want.

      • NotMyOldRedditName@lemmy.world
        4·
        4 months ago

        No no no, they don’t buy it, that’s a bribe. They politely ask one of the judges they meet while playing golf to watch their house while they’re on vacation and then after the judge rules in their favor they give them a billion dollars for having watched the house as a thanks for the favor.

  • NotMyOldRedditName@lemmy.world
    10·
    4 months ago

    So to paraphrase if I got this right…

    Coke did taxes way A for years. IRS changed the rules but coke didn’t change how they did it for those 3 years and then coke realized they owed 3.3b more?

    They’re disputing the new rules and saying the new rules don’t apply as the IRS suggests?

    In the meantime there’s 2.7b in interest?

  • Media Bias Fact Checker@lemmy.worldB
    613·
    4 months ago
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