GE Taken to Court by U.K. Tax Authority in $1 Billion Dispute

The United Kingdom tax authority, Her Majesty's Revenue and Customs (HMRC), accused General Electric (NYSE: GE) in a court filing of misleading the tax agency over a 2005 transaction the company made with an Australian subsidiary, according to a Bloomberg report. 

HMRC says that GE intentionally obscured the purpose of the Australian investment during tax settlement talks in 2005, calling its actions "deliberate" and saying GE provided "simplified" and "misleading" information, the report says. A finding against GE could cost the company $1 billion, according to British authorities. 

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Source Fool.com