Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wells Fargo Rejected by Top Court on $148 Million Tax Bid

June 9 (Bloomberg) -- The U.S. Supreme Court turned away a Wells Fargo & Co. unit’s bid for as much as $148 million in tax refunds, leaving intact an Internal Revenue Service victory in a corporate tax-shelter case.

The justices today let stand a federal appeals court’s conclusion that a disputed transaction involving leases and stock lacked any economic substance. The panel said the IRS was justified in rejecting hundreds of millions of dollars in paper losses generated by the transaction.

Wells Fargo’s WFC Holdings unit argued unsuccessfully that the lease restructuring produced tens of millions of dollars in economic benefits for the company and its shareholders.

The appeal had backing from the U.S. Chamber of Commerce and the American Bankers Association.

The case is WFC Holdings v. United States, 13-1037.

To contact the reporter on this story: Greg Stohr in Washington at gstohr@bloomberg.net

To contact the editors responsible for this story: Patrick Oster at poster@bloomberg.net Mark McQuillan, Laurie Asseo

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.