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...

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