Coca-Cola fights $20 billion IRS tax bill, over foreign profit shifts

Coca-Cola is appealing a tax dispute with the IRS that could exceed $20 billion.

The case centers on claims the company improperly moved profits to foreign subsidiaries between 2007 and 2009.

The U.S. Tax Court ruled in favor of the IRS during an initial 2020 hearing.

Coca-Cola argues its profit-sharing formula followed a 1996 agreement with the agency.

A final ruling will impact the company's tax liabilities through 2025 and beyond.