Amazon, IRS Agree On Tax Refund Due In $1.5B Dispute
Law360, New York (July 7, 2017, 8:32 PM EDT) -- After suffering a blistering loss in a $1.5 billion transfer pricing dispute against Amazon, the IRS agreed that it owes the online retail giant $9.5 million for the 2005 tax year, but that there is an income tax deficiency of $2.5 million from the following year.
Seattle-based Amazon.com Inc. won a major victory in March when the U.S. Tax Court reprimanded the Internal Revenue Service for abusing its discretion and making substantial adjustments to reallocate more income from Amazon's subsidiary in Luxembourg to its U.S. operations for the use of certain intellectual property. Amazon's methodologies to determine these payments were more...
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