Glaxo Agrees To $3.4B Settlement

Law360, New York (September 11, 2006, 12:00 AM EDT) -- Pharmaceutical giant GlaxoSmithKline has agreed shell out more than $3 billion to settle a dispute with the U.S. Internal Revenue Service and avoid a courtroom showdown with the IRS that had been scheduled for February 2007, and was almost two decades in the making.

The $3.4 billion dollar settlement—which stems from a 17-year long dispute over transfer pricing—is the largest single payment ever made to the IRS to settle a tax dispute. GSK reported the settlement payment at approximately 3.1 billion, but the IRS reported the...
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