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Coca-Cola (KO) Owes $3.3 Billion in Income Tax: IRS

Coca-Cola (KO) Owes $3.3 Billion in Income Tax: IRS Zacks 45 mins ago Primo Water Corp. Earnings Q2, 2015 Capital Cube q 11 days ago

The Coca-Cola Company KO recently stated in an SEC filing that it has received a notice from the Internal Revenue Service (IRS) regarding an unpaid federal income tax of approximately $3.3 billion plus interest.

The additional tax is related to a transfer pricing dispute that involves the reporting of Coca-Cola’s U.S. income from foreign licensing of manufacturing, distribution, sale, marketing and promotion of its products in overseas markets. IRS claims that a five-year audit found that the cola giant’s U.S. income for the period 2007-2009 was underreported.

According to Coca-Cola, the same methodology was followed for these licenses as agreed with the IRS in a 1996...