Coca-Cola IRS, Coca-Cola was notified by the IRS that it owes $3.3 billion added in federal taxes, as able-bodied as interest, for 2007 to 2009, the aggregation said Friday.
The Atlanta-based aggregation said in a authoritative filing that it believes the assessments from the Internal Revenue Service are afterwards arete and affairs to accompany "all authoritative and administrative remedies all-important to boldness the matter."
The maker of Sprite, Dasani, Powerade and added drinks says the altercation is over how abundant it should address as taxable assets in the U.S., in affiliation with licensing that allows its adopted affiliates to advertise articles like bendable alcohol concentrates to bottlers overseas.
It's a tax affair that comes up frequently for bunch companies, said Robert Willens, admiral of a tax accounting consultancy in New York. He said companies tend to allegation their adopted subsidiaries low licensing fees as a way to about-face reportable assets abroad from the U.S., area accumulated tax ante are higher.
Typically, Willens said, the cases are acclimatized for a atom of the bulk of the assessment.
"They hardly anytime get to court, because neither affair wants to acquaintance the hazards of litigation," Willens said.
In a filing with the Securities and Exchange Commission, Coca-Cola said it has been afterward the aforementioned alignment for free its taxable U.S. assets for about 30 years.
"The IRS now seeks to abandon from this abiding convenance in adjustment to access essentially the bulk of tax," the aggregation said in a statement. "We are a part of hundreds of added companies currently adverse these types of adjustments involving payments."
Coca-Cola Co. said it was notified that a advocacy was fabricated to the IRS's arch admonition that the bulk be appointed for litigation. The aggregation said it affairs to alpha against the bulk by filing a address in U.S. Tax Court.
It said the IRS fabricated the assurance on owed taxes afterwards a five-year audit.
The Atlanta-based aggregation said in a authoritative filing that it believes the assessments from the Internal Revenue Service are afterwards arete and affairs to accompany "all authoritative and administrative remedies all-important to boldness the matter."
The maker of Sprite, Dasani, Powerade and added drinks says the altercation is over how abundant it should address as taxable assets in the U.S., in affiliation with licensing that allows its adopted affiliates to advertise articles like bendable alcohol concentrates to bottlers overseas.
It's a tax affair that comes up frequently for bunch companies, said Robert Willens, admiral of a tax accounting consultancy in New York. He said companies tend to allegation their adopted subsidiaries low licensing fees as a way to about-face reportable assets abroad from the U.S., area accumulated tax ante are higher.
Typically, Willens said, the cases are acclimatized for a atom of the bulk of the assessment.
"They hardly anytime get to court, because neither affair wants to acquaintance the hazards of litigation," Willens said.
In a filing with the Securities and Exchange Commission, Coca-Cola said it has been afterward the aforementioned alignment for free its taxable U.S. assets for about 30 years.
"The IRS now seeks to abandon from this abiding convenance in adjustment to access essentially the bulk of tax," the aggregation said in a statement. "We are a part of hundreds of added companies currently adverse these types of adjustments involving payments."
Coca-Cola Co. said it was notified that a advocacy was fabricated to the IRS's arch admonition that the bulk be appointed for litigation. The aggregation said it affairs to alpha against the bulk by filing a address in U.S. Tax Court.
It said the IRS fabricated the assurance on owed taxes afterwards a five-year audit.
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