Walgreens Boots Alliance Inc (WBA)

[Prudent Capitalist]

Today's drop is News driven;

Walgreens Boots Alliance Hit With IRS $2.7 Billion Tax Claim
Caleb Harshberger
April 1, 2024, 11:39?AM CDT

The IRS is seeking $2.7 billion in unpaid taxes from Walgreens Boots Alliance due to alleged issues over transfer pricing, following audits of previous tax years, the company reported in recent filings.

The agency issued a Revenue Agent’s Report last quarter, saying it had audited the company’s 2014 to 2017 tax years, filings said. The agency found issues related to transfer pricing and is seeking an additional $2.7 billion plus penalties and interest.

Walgreens Boots Alliance, which owns two major retail pharmacy chains — Walgreens in the US and Boots in the UK—said it disagrees with the report and plans to appeal, filings say, and that could take more than a year to resolve.

“The Company intends to vigorously defend its position on the transfer pricing matter through the IRS’s administrative appeals office and, if necessary, judicial proceedings and is confident in its ability to prevail on the merits,” filings said.

Walgreens Boots Alliance didn’t immediately respond to a request for comment.

https://news.bloomberglaw.com/daily-tax-report/walgreens-boots-alliance-hit-with-irs-2-7-billion-tax-claim