Tag: Guidant Corporation

IRS vs Boston Scientific and Guidant, Settlement of $1billion dispute

Just days before trial, Boston Scientific Corp. has agreed to pay the Internal Revenue Service $275 million plus interest to settle more than $1 billion in disputed taxes dating back more than a decade. Boston Scientific has long disputed the IRS’ assertions that the company and its Guidant subsidiary have underpaid corporate taxes by as much as $1.16 billion. The dispute centers on “transfer pricing” and the amount of taxes owed to the United States for intellectual property transferred among its domestic and foreign subsidiaries. The primary issue for all years is related to transfer pricing established under technology license agreements between domestic and foreign subsidiaries of Guidant — how much one subsidiary of the company paid another for the intellectual property necessary to manufacture, sell or market medical devices ... Continue to full case
US vs. Boston Scientific Corporation, July 2016

US vs. Boston Scientific Corporation, July 2016

Boston Scientific Corporation entered into a Stipulation of Settled Issues with the IRS that is intended to resolve all disputes related to transfer pricing issues for Guidant Corporation’s 2001 through 2006 tax years and Boston Scientific’s 2006 and 2007 tax years. The Stipulation of Settled Issues is contingent upon the IRS Office of Appeals applying the same basis of settlement to all transfer pricing issues for Boston Scientific’s 2008 through 2010 tax years. If finalized, the settlement would resolve substantially all aspects of the controversy, and Boston Scientific would make net tax payments to the IRS of approximately $275 million. US-vs.-Boston-Scientific-Corp ... Continue to full case