A dispute between the Internal Revenue Service and Wells Fargo & Co. that has been quietly taking shape in a Minneapolis federal court could cost the bank hundreds of millions of dollars.
The clash involves "sale-in, lease-out" (SILO) transactions in which a tax-exempt entity transfers tax benefits to a taxpayer like Wells Fargo, in exchange for a fee. The IRS says Wells Fargo has claimed nine-digit losses for tax purposes on such deals, but the government considers them an illegal tax dodge.
It's the latest of many complex tax issues the bank has argued with the government. In 319 pages of filings earlier this week, the Justice Department's Tax Division said the bank has participated in "abusive tax avoidance" strategies for years.
The latest fight reared its head in September, with Wells Fargo resisting the government's attempt to get papers that independent auditors from KPMG used to figure the bank's potential exposure to some questionable tax deductions for 2007 and 2008. In an administrative lawsuit, Wells Fargo argued that the documents contain attorney "work product" prepared in anticipation of litigation, and thus are exempt from disclosure.
Wells Fargo declined to comment on the case
Read on.
8 comments:
What's up everyone, it's my first pay a quick visit at this
web page, and article is truly fruitful in support of me, keep up posting
these articles.
Take a look at my weblog :: low carb nährwerttabelle
I'm now not positive the place you're getting your info, but good topic.
I must spend a while learning much more or working out more.
Thanks for fantastic info I used to be in search of this information for my mission.
Here is my page - kurse wordpress für anfänger
Yes, you can do this IF your Christmas card list is in data source style AND you know ways to deal with Mail Merge in your word processor.
Otherwise, this is the thrust for my tip. Yes, it takes
some time in advance the initial year, but afterward it is birthday cake.
Here is my webpage: http://www.cegep-rimouski.qc.ca/
I was faced with the exact same problem and got the original motorists to put up by operating the installer in vista compatibility method and disable
signing.
Here is my web site - xerox phaser 8560 ink sticks
Many thanks ... collaborated with my Lexmark E210 on Windows
8 Pro.
My weblog xerox phaser 8560 printer
Ah, have no idea exactly how I missed out on that concerning the version
number. The amusing thing is that the anonymous driver on the ML-1210
page is also version 3.01. Anyway, I will update the post
to make this a little more clear.
Here is my web-site ... xerox phaser 8560
I read this post fully concerning the resemblance of most recent and preceding technologies, it's amazing article.
Also visit my page xerox 8560
Hey I discovered this web site to be actually interesting!
Bookmarked!
Review my weblog; having trouble getting pregnant after a miscarriage
Post a Comment