Coca-Cola and the IRS are heading to court with $20 billion on the line amid a years-long dispute over the beverage company’s reporting of profits made in the U.S. and overseas.

The soda giant is taking its case to a federal appeals court in Miami as it looks to resolve a tax liability stemming from how Coca-Cola and its foreign subsidiaries disclosed profits from 2007 to 2009 using an accounting practice known as transfer pricing.

The case centers on an agreement between the company and the IRS from 1996 about how the company would report foreign profits, as Coca-Cola’s U.S. corporation licenses its intellectual property – ranging from recipes, brand names and trademarks – to foreign subsidiaries that manufacture concentrates used to make its beverages for foreign markets.

Coca-Cola argues that it structured its operations to comply with the 1996 agreement using a “10-50-50” method that lets foreign suppliers keep 10% of the gross sales, with the U.S. parent company and foreign subsidiary splitting the remaining profits.

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Coca-Cola argues the IRS backtracked on an agreement it reached with the company in 1996. (Rachel Wolf/Fox News Digital)

“Far from seeking to evade its tax obligations, Coca-Cola carefully structured its operations to adhere to a method that the IRS had repeatedly blessed,” the company said in a court filing, per The Wall Street Journal.

The outlet reported that the IRS counters that the 1996 agreement was retroactive to 1987 but didn’t apply to future years, and that it only offered protection from penalties for the use of the 10-50-50 method as opposed to immunity. 

The IRS said in its own filing that the “combination of two non-promises does not add up to a promise, as Coca-Cola wishes.”

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While the company’s tax filings from 2007 to 2009 were the focus of the IRS’ initial case, Coca-Cola has continued to use the accounting method as the legal dispute has played out.

The IRS prevailed over Coca-Cola in a Tax Court ruling in 2020, which resulted in the company paying $6 billion in taxes and interest as the judge ruled the parent company’s deals with foreign subsidiaries were structured improperly to keep profits overseas in lower tax jurisdictions.

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The IRS argues Coca-Cola’s international accounting practices were flawed and not approved. (Kayla Bartkowski/Getty Images)

That money could go back to Coca-Cola with interest if the company prevails with its appeal, though it could face an even larger tax bill if it’s defeated in court due to the ongoing use of the tool.

Coca-Cola would owe an estimated $14 billion in taxes and interest for the 2010 through 2025 tax years, bringing the total to $20 billion if it loses its appeal against the IRS.

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The Journal noted that the potential $14 billion liability could cause Coca-Cola to borrow to pay the IRS, as the amount exceeds the cash it has on hand – though analysts have said the company is emphasizing it has the needed liquidity to cover the bill and maintain its dividend for investors.

Coca-Cola declined to comment. FOX Business reached out to the IRS for comment.

Florida is growing fast. Population is rising. Housing demand is constant. But growth without planning creates strain.Larry Michael Baum

has spent his career trying to solve that tension.

As Managing Partner of Stellar Communities in Aventura, Florida, he has helped develop more than 3,000 eco-friendly homes across the state. His focus is not just building homes. It is building communities that last.

“We don’t treat sustainability as a marketing feature,” Larry Michael Baum says. “It has to be operational. It has to work long term.”

That mindset has shaped his entire career.

Early Roots: Miami Beach to Florida State

Larry Michael Baum was born in Miami Beach. He grew up in Florida’s evolving real estate landscape.

He later attended Florida State University, where he studied real estate and finance. That education gave him both market awareness and financial discipline.

“I always saw housing as more than property,” he says. “It shapes how people live every day.”

After graduating from FSU, he entered the industry immediately. He did not drift between careers. Real estate development was always the path.

Leading Stellar Communities

More than 15 years ago, Larry Michael Baum took on a leadership role at Stellar Communities.

The mission was clear: build environmentally responsible housing while maintaining economic resilience.

Over time, the company developed more than 3,000 homes across Florida. These projects span both for-rent and for-sale communities.

“Green building only works if it’s repeatable,” he says. “It has to make sense structurally, not just philosophically.”

That principle guided project selection, design standards, and operational systems.

What Makes Sustainable Development Work?

Sustainability in real estate is often misunderstood. Some see it as expensive. Others see it as optional.

Larry Michael Baum sees it as strategic.

“You can’t ignore climate and infrastructure realities in Florida,” he says. “If you build without thinking long term, you create problems.”

Florida consistently ranks among the fastest-growing states in the country. Housing demand remains high. At the same time, energy efficiency and environmental resilience have become more important.

Stellar Communities integrates green development principles into design. That includes energy-conscious planning, materials selection, and community-level design thinking.

But he emphasizes balance.

“Sustainability and economic resilience have to move together,” he says. “Otherwise the model doesn’t hold.”

The Rise of Missing Middle Housing

One area that interests Larry Michael Baum deeply is missing middle housing.

This concept focuses on mid-scale residential options. Duplexes. Townhomes. Walkable neighborhoods.

Florida’s growth has often leaned heavily on either large single-family homes or high-rise buildings. The middle segment remains underdeveloped.

“Urbanism matters,” he says. “Communities need diversity in housing types.”

He believes thoughtful density strengthens local economies. It also supports community interaction.

This approach reflects his broader philosophy: housing should support wellness and livability, not just square footage.

Awards and Recognition

Stellar Communities has received multiple green awards for sustainable housing efforts.

Recognition is appreciated, but it is not the driver.

“Awards are feedback,” Larry Michael Baum says. “The real measure is whether the community performs over time.”

Performance means lower operational strain. Strong occupancy. Long-term viability.

The focus remains practical.

Building With Discipline

One theme runs through Larry Michael Baum’s career: discipline.

From FSU to leading a major development firm, his path has been steady.

“I’ve always believed growth should be responsible,” he says. “Florida has momentum. The question is how we guide it.”

That guidance requires planning. Infrastructure awareness. Environmental foresight.

Real estate development affects roads, utilities, traffic patterns, and community culture.

He understands that responsibility.

The Future of Sustainable Real Estate in Florida

Florida’s housing market continues to evolve. Population growth brings opportunity. It also brings pressure.

Larry Michael Baum believes sustainable communities will define the next phase of development.

“Wellness buildings, green communities, smarter density,” he says. “Those are not trends. They’re necessities.”

He sees long-term resilience as the competitive edge.

Housing that conserves resources. Housing that supports community structure. Housing that performs economically without sacrificing environmental standards.

That balance is not simple.

But it is achievable with consistent strategy.

Why Larry Michael Baum’s Work Matters

Real estate developers shape physical environments. Those environments shape daily life.

Larry Michael Baum has spent more than a decade proving that sustainability and growth do not have to conflict.

His work at Stellar Communities reflects a clear philosophy:

Plan long term.
Build responsibly.
Maintain economic discipline.

Florida’s future will be shaped by leaders who understand that housing is infrastructure.

Larry Michael Baum is one of them.

“Development is about stewardship,” he says. “You’re shaping something that will outlast you.”

LOS ANGELES — Katy Perry has revealed that her latest single, “Watch It Burn,” will be released on June 25, marking a new chapter in the pop star’s musical journey following a period of personal reflection. The announcement, shared via social media, comes as the singer continues navigating her career after recent professional and personal transitions.

Perry, known for hits including “California Gurls,” “Firework” and “Roar,” posted the news on Instagram with an image featuring the track title. The caption simply stated the release date, generating immediate buzz among fans eager for new material from the artist.

The song was co-written with Justin Tranter, a frequent collaborator known for work with major pop acts. Perry debuted the track during a performance at the O Son do Camiño festival in Spain on June 19, offering audiences an early glimpse of the new release. A teaser shared on her platforms shows her in a black outfit holding a baseball bat against a graffiti backdrop, hinting at the song’s thematic tone.

In a recent podcast appearance, Perry opened up about the emotional backdrop to her recent work.

“I am wrestling with my darkness, but last year was pretty tough…I have not given myself permission to be angry my whole life over things where I should be angry about. What I’ve done is I pushed it down, but I should be angry. I’m allowed to be angry,” she said.

“So instead of falling into ‘Woe is me,’ I just was like, ‘Okay, let’s just feel the pain,’ let’s feel this pain, let’s feel this anger and let’s move on, let’s learn from it also,” she added.

The comments provide context for “Watch It Burn,” suggesting themes of processing difficult experiences and emerging stronger. Perry’s willingness to discuss mental and emotional challenges has resonated with fans who appreciate her authenticity alongside her pop persona.

Perry broke through in 2008 with “I Kissed a Girl,” which topped the Billboard Hot 100 and established her as a major force in pop music. Her career has since included multiple chart-topping albums, Super Bowl halftime performances and ventures into television judging roles. The new single arrives at a time when she continues balancing music with other professional endeavors.

The pop landscape has evolved significantly since Perry’s early hits, with streaming platforms and social media playing larger roles in artist-fan connections. “Watch It Burn” will benefit from this infrastructure, with Perry’s substantial online following poised to amplify its reach upon release.

Industry observers anticipate the track will showcase Perry’s signature blend of catchy melodies and empowering messages. Her previous work has often addressed self-discovery, resilience and celebration, themes that appear to align with her recent reflections.

Perry’s festival performance in Spain served as an effective launchpad for the single. Audiences responded positively to the debut, with social media clips circulating quickly after the show. Such live introductions have become standard for major artists testing new material before official releases.

The collaboration with Tranter brings additional creative pedigree. His songwriting credits span numerous successful pop releases, suggesting “Watch It Burn” benefits from proven expertise in crafting radio-friendly yet substantive tracks.

Perry has maintained a consistent presence in popular culture beyond music. Her judging tenure on “American Idol” introduced her to new generations of viewers, while her entrepreneurial efforts in fashion and other areas demonstrate diversified interests. The new music represents a return to core artistic expression.

Fans have expressed excitement about the June 25 release date. Social media platforms have seen increased activity around Perry’s announcement, with many speculating about the song’s sound and potential chart performance. The timing aligns with summer release patterns when pop singles often gain significant traction.

The music industry’s competitive environment requires artists to continually innovate while staying true to their identities. Perry’s career demonstrates adaptability, from bubblegum pop beginnings to more mature explorations in later work. “Watch It Burn” appears positioned to continue this evolution.

Production details for the single remain limited, but the festival debut offered clues about its energy and style. Perry’s live performances have long been highlights of her career, known for elaborate staging and energetic delivery. The Spain show followed this tradition.

As the release date approaches, anticipation will likely build through additional promotional activities. Perry’s team has mastered modern marketing approaches that blend traditional media with direct fan engagement via digital platforms.

Perry’s influence extends beyond chart performance. She has used her platform to address social issues and support various causes, enhancing her connection with audiences. The personal themes in “Watch It Burn” may further strengthen these bonds.

The broader pop music scene in 2026 features a mix of established veterans and emerging talents. Perry’s new release will compete for attention while benefiting from her established fan base. Industry analysts will watch its performance closely as an indicator of veteran artists’ continued relevance.

June 25 marks a significant date for Perry’s latest chapter. The single’s themes of confronting pain and moving forward offer timely resonance for many listeners. As Perry continues evolving as an artist, “Watch It Burn” represents both personal catharsis and professional progression.

Music enthusiasts and industry professionals alike await the full release to assess how it fits within Perry’s catalog. Early indications suggest a track aligned with her strengths while incorporating fresh perspectives gained through recent experiences.

The announcement reinforces Perry’s status as a consistent presence in popular music. From breakthrough hits to current releases, her career reflects dedication to craft and connection with audiences. “Watch It Burn” adds another layer to this ongoing story.

More than 11,000 bottles of blood pressure medication are being recalled nationwide due to a manufacturing defect, according to the Food and Drug Administration.

The 11,460 bottles of chlorthalidone tablets, USP, 25 mg, are being recalled because of “failed dissolution specifications.” 

Dissolution tests measure the release rate of a drug and its active ingredient from the tablet or capsule used as a dosage when it’s placed into a liquid to assess the performance and quality of various drug formulations and batches, according to pharmaceutical company Pion.

The recalled drugs were manufactured by Inventia Healthcare Limited of India – which initiated the voluntary recall – and distributed in the U.S. by Rising Pharma Holdings of East Brunswick, New Jersey.

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The recalled chlorthalidone tablets failed dissolution specifications, according to the FDA. (Getty Images)

FOX Business reached out to Inventia Healthcare and Rising Pharma for comment.

The Cleveland Clinic said that chlorthalidone is used to treat high blood pressure by helping kidneys remove fluid and salt from a user’s blood through their urine.

It’s considered a diuretic drug and may also be used to reduce swelling related to heart, kidney or liver disease.

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Chlorthalidone is a diuretic that can be used to treat high blood pressure and to reduce swelling caused by heart, kidney or liver disease. (George Frey/Bloomberg via Getty Images)

The recall was initiated voluntarily by the company on June 5 and is ongoing, according to the FDA’s recall page.

It covers 25 mg chlorthalidone tablets sold in either 100 or 1000 tablets per bottle as prescribed by a doctor.

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The voluntary recall is ongoing and covers specific batches of the medication. (Jeffrey Greenberg/Universal Images Group via Getty Images)

The 100 tablet bottles covered by the recall have a batch code of RISA24001, while the 1000 tablet bottles have a batch code of RISB24002.

The expiration date for bottles covered by the recall is April 2027.

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HOUSTON — Kevin Durant has accumulated significant wealth during his NBA career, and the veteran forward shows no signs of slowing down his pursuit of a comfortable lifestyle. Speaking on the Unguarded podcast, Durant discussed his approach to money, travel and future plans, emphasizing his desire to maintain the stability basketball has provided.

Durant, now 37 and playing for the Houston Rockets, recently became the league’s all-time leader in career earnings. His two-year, $90 million extension pushed his total past and future earnings to $598.2 million. The two-time champion and former MVP has leveraged his success into diverse investments, including real estate.

“Traveling, that’s been my thing. Like when I got some money, at vacations, just seeing the world, just taking in different cultures and s—t,” Durant said. “That was my thing, and I always want to love this lifestyle for the rest of my life.”

The forward’s comments reflect a deliberate strategy to preserve the benefits of his professional earnings. After 17 seasons in the NBA, Durant continues balancing competitive ambitions with personal goals. His Rockets tenure offers opportunities for additional championships while allowing him to enjoy financial security.

Durant has been open about his background, growing up in challenging circumstances in Washington. This experience has shaped his appreciation for stability and home ownership. He has invested in properties in Seattle and Oklahoma, viewing real estate as both a financial strategy and emotional anchor.

“I like homes like where I’m at. I need to have the best. I want to finally build a house from the ground up, though. That’s my next plan,” he explained.

The pursuit of such goals explains Durant’s measured approach to retirement. Beyond competitive motivations with the young Rockets roster, he aims to sustain his current lifestyle without major disruptions. Consistent NBA paychecks have enabled extensive travel and experiences he wishes to continue.

“It’s easy living it when you got consistent checks coming in from the NBA. I don’t want to have to like totally change my life. I just want to keep traveling, just keep trying new s—t like buy more houses,” Durant added.

Durant’s business acumen extends beyond basketball. His investments and endorsements have built a substantial portfolio. This financial savvy distinguishes him among athletes who sometimes struggle with post-career transitions. His approach emphasizes long-term planning over short-term spending.

On the court, Durant remains one of the league’s most skilled players. His scoring ability, length and basketball IQ continue making him a formidable presence. The Rockets’ roster construction around him suggests optimism for future success. Durant’s leadership and experience complement younger talent.

The forward’s career achievements include two NBA titles, an MVP award and multiple All-Star selections. He earned a spot on the league’s 75th Anniversary Team, cementing his historical standing. These accomplishments provide the foundation for his current financial position.

Durant’s comments on wealth and lifestyle offer insight into athlete perspectives on success. Many players face pressure to maintain appearances while planning for life after basketball. His emphasis on sustainable enjoyment reflects thoughtful consideration of these challenges.

Travel has become a cornerstone of Durant’s personal life. He frequently explores different cultures during offseasons, gaining perspectives beyond basketball. This global outlook aligns with his interests in diverse experiences and continued learning.

Real estate investments represent both practical and symbolic importance. Owning properties provides financial security while fulfilling emotional needs rooted in his upbringing. Building a home from the ground up stands as a significant upcoming goal.

The NBA’s financial structure has evolved, offering players unprecedented earning potential. Durant’s career spans this transformation, from early contracts to current maximum deals. His ability to maximize these opportunities demonstrates business intelligence complementing athletic talent.

Durant’s Rockets role involves mentoring while contributing on-court production. The team’s direction suggests potential for deep playoff runs. His presence provides stability and championship pedigree for a developing roster.

Off the court, Durant’s investments span various sectors. This diversification helps ensure long-term financial health beyond playing days. His approach serves as a model for younger players navigating similar opportunities.

The podcast discussion highlighted Durant’s balanced worldview. He appreciates basketball’s rewards while recognizing life’s broader dimensions. Travel, home ownership and cultural experiences rank among his priorities.

As Durant continues his career, he maintains focus on both immediate performance and future planning. His comments reflect confidence in sustaining a desirable lifestyle through disciplined decisions. The NBA’s competitive demands require such foresight.

Durant’s journey from challenging beginnings to financial stability embodies perseverance and strategic thinking. His willingness to discuss these topics openly provides valuable perspectives for fans and fellow athletes.

The forward’s legacy extends beyond statistics. His influence on and off the court continues shaping conversations about athlete empowerment and financial literacy. As he enters later career stages, these elements gain increased significance.

Basketball enthusiasts will follow Durant’s remaining seasons with interest. His on-court contributions and off-court insights offer complete pictures of modern professional athletes. The pursuit of championships alongside lifestyle goals defines his current chapter.

Durant’s story resonates across generations. From poverty to prosperity, his path illustrates possibilities through talent, hard work and smart decisions. His reflections on wealth underscore appreciation for stability while planning continued enjoyment.

The NBA community often discusses post-career transitions. Durant’s proactive approach provides a positive example amid these conversations. His emphasis on maintaining rather than drastically changing his lifestyle reflects practical wisdom.

As summer league and preseason activities approach, Durant’s focus remains on preparation and long-term vision. His comments offer fans insight into the mindset of one of basketball’s most accomplished figures.

The forward’s career earnings milestone marks significant achievement. Yet his comments suggest greater value in experiences and stability enabled by that success. This perspective enriches understanding of his journey.

As the NBA offseason progresses, speculation surrounding Kawhi Leonard’s future with the Los Angeles Clippers continues to intensify. With the two-time NBA champion entering the later stages of his career, several teams could emerge as potential landing spots should the Clippers decide to rebuild around younger talent. Leonard’s unique skill set, defensive prowess and playoff pedigree make him an attractive target despite injury concerns that have limited his availability in recent seasons.

The Clippers have navigated challenging circumstances with Leonard, whose load management strategy and availability have been topics of discussion. While he remains under contract, trade rumors have persisted, particularly as the franchise evaluates long-term direction. Potential suitors would need to offer substantial assets while considering Leonard’s health and preferences for contending teams.

Golden State Warriors

The Warriors have been frequently linked to Leonard in recent trade discussions. With Stephen Curry still leading the backcourt, adding Leonard could provide another high-level wing defender and scorer to complement the roster. Golden State’s need for veteran presence and playoff experience aligns well with Leonard’s profile.

A potential package might include young talent and future draft picks, allowing the Clippers to accelerate their rebuild. The Warriors’ championship pedigree and strong supporting cast could appeal to Leonard if he seeks another title run. Recent reports suggest Golden State remains interested in bolstering their roster for one more competitive window.

Houston Rockets

The Rockets represent an intriguing option for Leonard. Houston’s young core, led by Alperen Sengun and Amen Thompson, has shown promise, but veteran leadership could accelerate their contention timeline. Leonard’s two-way impact would complement the Rockets’ athleticism and defensive potential.

Houston possesses significant future draft capital and young players that could interest the Clippers. A move to the Rockets would place Leonard on a rising team with financial flexibility and organizational momentum. The fit could prove beneficial for both sides if health concerns are managed effectively.

Detroit Pistons

The Pistons have been mentioned as a potential destination in various mock trade scenarios. Detroit’s rebuild has shown progress with Cade Cunningham leading the way, but adding a proven winner like Leonard could provide the missing piece for playoff aspirations.

The Pistons’ youth and assets could facilitate a deal that helps the Clippers reset while giving Detroit immediate veteran presence. Leonard’s mentorship of younger players and defensive expertise would be valuable for a team looking to establish itself as a consistent contender in the East.

Miami Heat

The Heat have long been linked to star acquisitions, and Leonard represents a high-upside target. Miami’s culture of competitiveness and strong supporting cast around Jimmy Butler could create an appealing environment. A potential three-team deal involving the Heat has been discussed in some scenarios.

The Heat’s ability to maximize player potential through their system could help Leonard stay healthy and effective. Miami’s playoff pedigree aligns with Leonard’s championship aspirations, making this a logical fit if the Clippers pursue a full rebuild.

Minnesota Timberwolves

The Timberwolves, coming off strong recent performances, could view Leonard as a complementary piece alongside Anthony Edwards and Karl-Anthony Towns. Minnesota’s defensive identity would mesh well with Leonard’s strengths, potentially creating a formidable unit in the Western Conference.

A trade package involving future picks and role players could work for both sides. The Timberwolves’ contention window makes Leonard an attractive addition for immediate impact, while providing the Clippers with assets for their future plans.

Throughout these discussions, Leonard’s health remains a critical factor. His ability to stay on the court has varied in recent seasons, influencing trade value and team interest. Any acquiring team would need careful medical evaluations and load management strategies.

Leonard has earned respect league-wide for his professionalism and two-way excellence. His contributions to championship teams in San Antonio and Toronto established him as one of the premier wings of his generation. Teams seeking veteran leadership and proven playoff performers continue viewing him favorably.

The Clippers face difficult decisions regarding their roster construction. While Leonard remains a cornerstone when healthy, his availability has impacted team performance. Trade rumors reflect broader strategic evaluations as the franchise balances competitiveness with sustainability.

NBA front offices typically accelerate trade discussions around the draft and free agency periods. The 2027 offseason could see increased activity if the Clippers commit to a directional change. Leonard’s no-trade clause and preferences would factor heavily into any potential deals.

League sources indicate multiple teams maintain interest in Leonard’s availability. His contract situation provides flexibility for both staying put and exploring new opportunities. The coming months will likely bring clearer indications of the Clippers’ intentions.

For Leonard, the focus remains on contributing at a high level while managing physical demands. His career achievements include multiple All-Star selections and Defensive Player of the Year honors. Any new destination would aim to maximize his remaining prime years.

Trade speculation surrounding star players often generates significant fan engagement and media coverage. Leonard’s situation exemplifies how veteran talent can reshape team outlooks when moved to suitable environments. Several franchises appear well-positioned to benefit from his presence.

As the NBA calendar advances, monitoring developments around Leonard will remain important for league observers. His potential movement could influence competitive balance across conferences. The coming period promises intriguing possibilities for one of basketball’s most respected talents.