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- Coca-Cola takes its fight with the IRS to federal appeals court with $20B on the...
Coca-Cola and the IRS are heading to court with $20 billion on the line amid a years-long dispute over the beverage company's reporting of profits made in the U.S. and overseas.The soda giant is taking its case to a federal appeals court in Miami as it looks to resolve a tax liability stemming from how Coca-Cola and its foreign subsidiaries disclosed profits from 2007 to 2009 using an accounting practice known as transfer pricing.The case centers on an agreement between the company and the IRS from 1996 about how the company would report foreign profits, as Coca-Cola's U.S. corporation licenses its intellectual property – ranging from recipes, brand names and trademarks – to foreign subsidiaries that manufacture concentrates used to make its beverages for foreign markets.Coca-Cola argues that it structured its operations to comply with the 1996 agreement using a "10-50-50" method that lets foreign suppliers keep 10% of the gross sales, with the U.S. parent company and foreign subsidiary splitting the remaining profits.COCA-COLA SHUTTING DOWN CALIFORNIA FACILITY AFTER MORE THAN A CENTURY"Far from seeking to evade its tax obligations, Coca-Cola carefully structured its operations to adhere to a method that the IRS had repeatedly blessed," the company said in a court filing, per The Wall Street Journal.The outlet reported that the IRS counters that the 1996 agreement was retroactive to 1987 but didn't apply to future years, and that it only offered protection from penalties for the use of the 10-50-50 method as opposed to immunity. The IRS said in its own filing that the "combination of two non-promises does not add up to a promise, as Coca-Cola wishes."COCA-COLA'S YELLOW CAPS ARE BACK – WHAT THEY MEAN AND WHY THEY'RE COMPARED TO MEXICAN COKEWhile the company's tax filings from 2007 to 2009 were the focus of the IRS' initial case, Coca-Cola has continued to use the accounting method as the legal dispute has played out.The IRS prevailed over Coca-Cola in a Tax Court ruling in 2020, which resulted in the company paying $6 billion in taxes and interest as the judge ruled the parent company's deals with foreign subsidiaries were structured improperly to keep profits overseas in lower tax jurisdictions.COCA-COLA OFFICIALLY ROLLS OUT CANE SUGAR SODA ACROSS US MARKETS FOLLOWING TRUMP'S URGING: REPORTThat money could go back to Coca-Cola with interest if the company prevails with its appeal, though it could face an even larger tax bill if it's defeated… [TheTopNews] Read More.6 hours ago - Popular mommy blogger dies at 48 two years after devastating cancer diagnosis
Jill Smokler, founder of Scary Mommy, has died at age 48 after a battle with glioblastoma, an aggressive form of brain cancer.The popular "mommy blogger" had been fighting the disease for the past two years, according to an announcement posted on ScaryMommy.com on Monday.The stay-at-home mother of three launched the blog in 2008 as a place to share the "joys and pitfalls" of parenting, according to the article.As Scary Mommy expanded from a personal blog into a major parenting brand, Smokler built a following with her honest, often self-deprecating take on motherhood. She went on to speak at blogging conferences, author bestselling books, appear on national television programs and earn three Webby Awards, her biography states.AGGRESSIVE BRAIN CANCER MAY RESPOND TO HIGH-DOSE VITAMIN THERAPY, STUDY SUGGESTS"Jill spent her life telling the truth about motherhood — that it could be wonderful and impossible in the very same breath — and in doing so, she gave millions of women permission to stop pretending and feel a little less alone," her family shared in a statement following her passing."She was funny, fearless, generous and entirely herself. More than anything she built, Jill was proudest of her three children, Lily, Ben and Evan. We are heartbroken to lose her, and endlessly proud of the mark she left on the world."Smokler's first sign of the disease was in April 2024, when she experienced a sudden seizure. She then underwent surgery to remove a brain tumor, after which she didn't recognize her own children, she previously shared with Today.CLICK HERE FOR MORE HEALTH STORIES"I am definitely grateful that I don’t remember the looks on their faces when I didn’t recognize them," she said. "That must have been gutting."Smokler was diagnosed with glioblastoma, the most common malignant primary brain tumor in adults and one of the deadliest forms of brain cancer. There is currently no cure.Following surgery, the blogger underwent radiation and chemotherapy, during which she was open about her treatment side effects, including fatigue and hair loss. Additional surgeries and clinical trials followed, according to previous interviews."Thank you, Jill, for everything. May you rest in peace," the Scary Mommy post concluded.TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZAbout 13.9% of all brain tumors are glioblastomas, according to the American Brain Tumor Association. More than 12,000 new cases are diagnosed in the U.S. each year.CLICK HERE TO SIGN UP FOR OUR HEALTH NEWSLETTERMedian survival is approximately 12 to… [TheTopNews] Read More.6 hours ago - Tom Holland Told Zendaya ‘Right Away’ That ‘Robert Downey Jr. Is Coming Ba...
Tom Holland knew Robert Downey Jr. was returning to Marvel as Doctor Doom long before the studio announced it to the public. Holland is infamous among Marvel fans for letting spoilers slip early (the YouTube compilation titled “Tom Holland Spoiling Marvel Movies for 13 Minutes Straight” has 21 million views), but he managed to keep Downey’s news a […] [TheTopNews] Read More.6 hours ago - Judge denies subpoena for witness in Charlie Kirk murder case
A judge dismissed a motion Monday by attorneys to subpoena Tyler Robinson's former romantic partner to testify in person at a hearing in July. [TheTopNews] Read More.6 hours ago - Ramiro Valdés Menéndez, Architect of Cuba’s Surveillance State, Dies at 94
Considered the country’s most powerful leader after the Castro brothers, he was the first director of the Interior Ministry, keeping a close eye on dissent. [TheTopNews] Read More.7 hours ago - Bluey Lands on Toniebox at Last, Expanding Tonies’ Lineup of Character Audio P...Bluey is officially making its way onto the Toniebox. In a new partnership between Tonies and BBC Studios, the hit preschool series is expanding into the screen-free audio platform for the first time, bringing Bluey, Bingo and the rest of the Heeler family into a new format built around listening and imaginative play. The move […] [TheTopNews] Read More.7 hours ago
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