By Walt Hickey Buy The World A Coke The beverage company Coca-Cola will owe most of a $3.4 billion IRS bill linked to an IRS investigation that found Coke inappropriately kept profits offshore by arbitrarily giving a sweetheart deal to foreign manufacturing affiliates, a court has found. Here’s what went down: Coke’s affiliates in Brazil and Ireland paid Coca-Cola for the rights to use their intangible property — the secret formula and brand names that make Coke what it is — but the IRS found that the American company reallocated profits to keep them in places where they would see considerably less taxation. Had they done the appropriate thing in the analysis of the IRS, their taxable income would have increased $9 billion from 2007 to 2009, leading to a $3.4 billion tax bill that Coca-Cola fought out in court.
Btw, dumb trump got dumped. Actually, only one word needed: loser!