Coca Cola loses Tax Court Case

[Lee B]

"Coca-Cola said Friday it plans to pay a tax penalty worth $6 billion while it pursues an appeal in a long-running dispute with the Internal Revenue Service.

"The company believes it will prevail on appeal," Coca-Cola said of a US tax court ruling dated July 31 that covered the years 2007, 2008 and 2009. The back taxes amount to $2.7 billion, which with interest makes the total owed "approximately $6.0 billion," the company said."

"The case dates to 2015 when Coca-Cola received a notice from the IRS contesting the company's accounting of income from foreign affiliates over the need for "arms-length" pricing of transactions with these entities, Coca-Cola said in a securities filing."

The big international conglomerates have been very adept at manipulating our tax system for decades

Inquiring minds might ask, why does Apple with its Billions of dollars in profits have a US Federal effective tax rate of only 8% ???

 

[Elrod]

Sad.... Greed is sad.

[Lee B]

Copied from Forbes:

 

"In its 10-Q quarterly report filed with the Securities & Exchange Commission on July 31, 2024, the company warned that if the IRS applies the same argument to other tax years and ultimately prevails, it would owe approximately $16 billion in back taxes and interest, counting interest through the end of last year. 

Ouch

 

[Abby Normal]

Bringing down the budget deficit, one tax cheat at a time.