Coca-Cola to Appeal $6 Billion Tax Liability Ruling in 17-Year Dispute

Aug 2, 2024, 03:17 PM

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. This decision is part of an ongoing dispute over Coca-Cola's accounting practices for its foreign operations between 2007 and 2009. The case has been ongoing for 17 years. Coca-Cola has announced its intention to appeal the decision and has 90 days to file a notice of appeal. The company plans to pay the agreed-upon liability and interest while defending its position in the Eleventh Circuit Court of Appeals.