The U.S. Tax Court has ruled that The Coca-Cola Company owes $6 billion in back taxes and interest to the Internal Revenue Service (IRS). The dispute centers on Coca-Cola's accounting practices for its foreign income between 2007 and 2009. Coca-Cola plans to appeal the decision and has 90 days to file a notice of appeal. While the appeal is pending, the company will pay the agreed-upon liability and interest. The case, which dates back 17 years, will be taken to the Eleventh Circuit Court of Appeals, where Coca-Cola intends to vigorously defend its position.
