Tax ruling on Wells Fargo may spur refunds
New York
WELLS Fargo & Co got less than it wanted in a federal tax-refund lawsuit, yet the bank's partial victory may spur billions of dollars in similar refund claims from companies that have done repeated mergers and acquisitions, tax lawyers say.
The bank had sought refunds - valued at about US$350 million as of 2011 - tied mostly to interest on tax bills over decades. The June 29 decision by a federal appeals court in Washington allowed some, but not all, of the claims to stand.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires