IRS: Coca-Cola owes $3.3B in back taxes

Coca-Cola was notified by the IRS that it owes $3.3 billion more in federal taxes, as well as interest, for 2007 to 2009, the company announced.

However, the Atlanta-based company claims the assessments from the IRS have no merit. Coca-Cola plans to pursue "all administrative and judicial remedies necessary to resolve the matter."

The disagreement centers around how much the company believes should be reported as taxable income in the U.S., in relation with licensing that allows its foreign affiliates to sell products like soft drink concentrates to bottlers overseas.

Read more from The Associated Press.