ATLANTA (dpa-AFX) - Coca-Cola Co. (KO), Friday announced its plans to appeal to the U.S. Court of Appeals for the Eleventh Circuit, following the latest ruling in the ongoing case between the company and the U.S. Internal Revenue Service. The U.S. Tax Court's decision would have a total anticipated liability of $6 billion.
The dispute began when IRS sought approximately $3.3 billion of additional federal tax income tax from Coca-Cola for the years 2007 to 2009, intending to reallocate over $9 billion of income to the U.S. parent company.
The Atlanta-based company said it believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations involved in the case. As part of the appellate process, it will pay the agreed-upon liability and interest to the IRS.
Currently, Coca-Cola's stock is moving up 1.02 percent, to $68.65 on the New York Stock Exchange.
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