The IRS victory at the US Tax Court last week against 3M Co. over millions of dollars in taxes likely won’t be the last word on the issue—tax attorneys anticipate appeals court fights, and a possible Supreme Court challenge.
Attorneys expect the decision to impact a $3.4 billion Tax Court case involving Coca-Cola, which was on hold awaiting the 3M ruling. Appeals in the two cases would go to separate courts.
The IRS persuaded nine out of 17 judges in the Feb. 9 3M opinion that it was permitted to reallocate 3M’s income from a Brazilian subsidiary to the US ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.