The Internal Revenue Service announced a record settlement for a long-running a transfer pricing dispute with pharmaceutical giant Glaxo SmithKline Holdings Inc. and the company's subsidiaries.
This case, which is pending in the U.S. Tax Court, is the largest tax dispute in the history of the agency. Under the agreement, GSK will pay the IRS approximately $3.4 billion (including interest), while the government will abandon its claim seeking a refund of $1.8 billion in overpaid income taxes, as part of a deal to resolve the parties' long-running transfer pricing dispute for the tax years between 1989 through 2005.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access