The North Face, Vans and Timberland parent lost its appeal in the U.S. Court of Appeals for the First Circuit, which upheld the Internal Revenue Service ruling that VF owed $875.7 million in tax related to the Sep. 2011 acquisition of Timby. VFC had initially appealed the IRS decision to U.S. Tax Court, which found in favor of the agency, but had to pay the amount last fall while the appeal process proceeded. The disputed tax was recorded on VFC’s balance sheet as an income tax receivable at that time. As ... Log in to view full article.