A U.S. Tax Court judge has ruled against Coca-Cola, ordering the company to pay approximately $2.7 billion, or $6 billion including interest, to the IRS in a longstanding dispute over foreign transfer pricing. The IRS claims Coca-Cola avoided paying federal taxes by improperly shifting profits to overseas subsidiaries from 2007 to 2009.
Despite the ruling, Coca-Cola plans to appeal, stating the IRS and the tax court misinterpreted regulations. The company will pay the agreed-upon liability and interest as it begins the appellate process, though it acknowledges the possibility of not prevailing on appeal in its recent regulatory filings.
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