Thread: IRS says Coca-Cola owes $3.3 BILLION in back taxes

IRS says Coca-Cola owes $3.3 billion in back taxes

1 Hour AgoThe Associated Press

Getty Images
Bottles of Coca-Cola for sale at a grocery store in Chicago.

Coca-Cola says it was notified by the IRS that it owes $3.3 billion more in federal taxes, as well as interest, for 2007 to 2009.

The Atlanta-based company says in a regulatory filing Friday that it believes the assessments are without merit and plans to pursue "all administrative and judicial remedies necessary to resolve the matter."

Read MoreThe new currency in the market is nostalgia

The maker of Sprite, Dasani, Powerade and other drinks says the disagreement is over how much of the money it makes from licensing products overseas should be considered be considered taxable income in the U.S.

Coca-Cola says it was notified that a recommendation has been made to the IRS's chief counsel that the matter be designated for litigation.

http://www.cnbc.com/2015/09/18/ca-co...ack-taxes.html

Oh wow! That means Coca-Cola will have to raise their prices. Damn!