Kraft Unit Must Pay Tax On $934M Interest, NJ Panel Says

Law360 (May 17, 2018, 8:30 PM EDT) -- A Kraft Foods Inc. subsidiary was not entitled to deduct from its taxable income over two years about $934 million in interest payments it made to its Chicago-based parent company, a New Jersey state appeals court said Thursday in upholding a decision in favor of state tax regulators.

The three-judge appellate panel affirmed a 2016 New Jersey Tax Court decision granting partial summary judgment to the director of the state’s Division of Taxation, finding that Kraft Foods Global Inc. did not qualify for the so-called “unreasonable...
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