- Amazon.com (NASDAQ:AMZN) has prevailed over the IRS in a $1.5B-plus dispute over its transactions with a Luxembourg subsidiary, Dow Jones reports.
- The U.S. Tax Court ruled today that the IRS made arbitrary determinations and abused its discretion in several instances, although the extent of AMZN's ultimate tax bill is not clear from the ruling.
- AMZN had said in its latest 10-K that the IRS was seeking to increase its U.S. taxable income for transactions in 2005-06; for those two years alone, the company’s tax bill would have increased by ~$1.5B plus interest, with the possibility of additional bills for years thereafter.