Nike Fighting $223M Tax Bill Over Foreign Tax Credits

Law360, Washington (August 12, 2016, 5:48 PM EDT) -- Nike Inc. is challenging a nearly $223 million tax deficiency notice stemming from the IRS’ decision to reject the way the athletic apparel giant distributed foreign tax credits among its overseas subsidiaries, explaining to the U.S. Tax Court in a new petition that the company abided by all applicable laws.

The Oregon-based retailer is protesting the Internal Revenue Service's decision decreasing its foreign tax credit for fiscal year 2012 by $277 million, increasing the company’s reported dividend income and making other adjustments.

According to the agency’s May notice, the 2008-formed Bermuda partnership known as Nike Pegasus improperly allocated withholding taxes and...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Companies

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!