In a U.S. Tax Court case, The Coca-Cola Company agreed to pay the IRS approximately $6 billion in taxes and interest. However, the beverage company announced it will appeal the decision to the 11th Circuit. “Coca-Cola strongly believes the IRS and the Tax Court misinterpreted and misapplied the applicable regulations involved in the case and will vigorously defend its position on appeal,” the company said in a statement. The ongoing case involves the IRS’s reallocation of over $9 billion of income to Coca-Cola’s U.S. parent company from its foreign affiliates. Coca-Cola accused the IRS of “rejecting a previously agreed upon methodology without prior notice to the company.”
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