Merck may have to pay $3.8 billion in tax dispute
From Bloomberg News
Merck & Co. said it might have to pay about $3.8 billion to the Internal Revenue Service in connection with disputed expenses on its tax returns, about $1.5 billion more than the Whitehouse Station, N.J.-based drug maker previously reported.
The IRS has sent Merck notices that it won’t allow a capital loss and proposes “recharacterizing a loan from a foreign subsidiary to the company as a taxable distribution” on its 1995 to 1998 tax forms, Merck said.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
