The court, in a brief written order, said Monday that it would not review an appeal brought by Altera Corp, now owned by Intel Corp
. This leaves intact a lower court, which upheld the Internal Revenue Service regulations issued in 2003.
The companies wanted more of the costs allocated to operations in the UNITED states. This would increase their U.S. deductions and reduce their income to the relatively high U.S. tax rates that prevailed until 2018. With low costs overseas means more profits abroad to be taxed at lower rates. Companies affected include Facebook Inc.
and Twitter Inc.
. The total tax revenues of the issue exceed $ 2 billion and could be much more because some companies have waited to save the effect in their books until the court case was resolved. Facebook said it has paid $ 1.6 billion in November 2019 linked to the appeals-court decision. Alphabet, the parent, Google, has declared that the decision of rates of $ 418 million. Twitter has reported a $ 80 million impact.
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