We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Merck Agrees To $2.3B Settlement With IRS

Law360 (February 15, 2007, 12:00 AM EST) -- Merck & Co. Inc. has agreed to pay the Internal Revenue Service $2.3 billion to settle a tax dispute that erupted over an offshore subsidiary set up by the drug maker more than a decade ago.

The settlement brings to a close the agency’s probe into Merck’s federal tax behavior between 1993 and 2001, Merck said Wednesday, noting the settlement won’t affect its 2007 earnings.

The company said in a statement that after analyzing the theoretical amount in disagreement, it was in Merck’s best interests to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.