Appeals court deals Medtronic blow in $1.4B dispute with IRS

A U.S. Court of Appeals sent a decision favoring Medtronic in a long-running dispute between the medical-device giant and the Internal Revenue Service back to a federal tax court for review. The ruling, handed down Thursday, relates to a complex and years-long battle over how Medtronic accounted for business at its Puerto Rico manufacturing facilities. The IRS argued that Medtronic underreported its taxable income by $1.4 billion. The dispute covered 2005 and 2006. Medtronic struck b ack against…
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