Coca-Cola Owes $6 Billion to IRS, Tax Court Rules

A U.S. Tax Court judge has ruled that Coca-Cola is on the hook for about $2.7 billion, or about $6 billion including interest, in a long-running dispute with the Internal Revenue Service. The Atlanta beverage giant said Friday that it plans to appeal the court’s decision siding with the IRS, which has alleged for nearly a decade that Coca-Cola avoided paying some federal taxes by shifting too much of its profits to overseas subsidiaries. Coca-Cola said in a 2015 lawsuit that the IRS was seeking $3.3 billion in back taxes.