"Coca-Cola Set to Battle IRS for Billions," Atlanta Business Chronicle
In an article published on April 15, 2016, Julian Fortuna offers his insight to Coca-Cola’s pending battle with the Internal Revenue Service (IRS) for as much as $10 billion. This comes after Coca Cola’s five-year audit resulted in a “notice of deficiency” from the IRS, stating that the company owed an additional $3.3 billion in taxes for 2007, 2008 and 2009. “If the IRS makes comparable claims for the six tax years 2010 to 2015, you’re dealing with not $3.3 billion but maybe $10 billion of potential tax liabilities,” Fortuna told the publication. “Coca-Cola’s case arises out of the same IRS initiative, which is to examine U.S.-based multinational companies with respect to their transfer pricing for intangible assets.” Subscribers may access the full article here.