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Coca-Cola Signals Appeal, Voices Optimism in Major Tax Fight (1)

Feb. 10, 2021, 5:08 PMUpdated: Feb. 10, 2021, 5:26 PM

Coca-Cola Co. is likely to appeal a U.S. Tax Court decision that left the company on the hook for the bulk of a $3.4 billion tax bill, CEO James Quincey signaled in an earnings call.

Quincey made the comments Wednesday, stating that the company plans to assert its claims on appeal and believes it will ultimately prevail. Quincey said the company estimates that around $12 billion in tax liability is actually at stake given what the IRS’s position would mean for all of Coca-Cola’s tax years through Dec. 31, 2020, echoing a statement in ...