NEW YORK (TheStreet) -- Apple (AAPL) - Get Apple Inc. Report is expected to owe Dublin more than 1 billion euros in back taxes, as the European Commission will rule against Ireland's tax dealings with the iPhone maker, sources told Reuters.
In preliminary findings in 2014, the European Commission claimed that Ireland illegally helped Apple evade international tax rules in exchange for creating jobs for the country.
The Commission will likely recommend an amount of back taxes owed, but Irish authorities will have the final say in determining the figure, Reuters reports.
JPMorgan estimates that Apple could owe as much as $19 billion in a worst-case scenario if Ireland loses, though the Irish Times reported that the figure might not exceed 100 million euros, according to Bloomberg.
Shares of the Cupertino company were up in mid-afternoon trading on Monday.
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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Apple's strengths such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: AAPL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.