Amgen Fights IRS Over $10.7 Billion Tax Bill

Biotech Amgen Inc. is in a pitched battle with the Inside Income Service over the corporate’s worldwide tax technique and $10.7 billion in again taxes and penalties that the company says it’s owed.

The IRS says that Amgen underreported its taxable earnings by almost $24 billion from 2010 to 2015 by inappropriately attributing what the company says ought to have been U.S. earnings to a Puerto Rico subsidiary that oversees manufacturing of the corporate’s medication.