Denial of $473M Tax Refund to Merck Upheld on Appeal

Merck is not entitled to a refund of $473 million paid when a tax-avoidance strategy failed, the 3rd Circuit has held. The taxes were paid by Schering-Plough, which Merck acquired in 2009. The court labeled as "chutzpah" Schering’s contention that it was being singled out by the IRS.