Jury Should Decide $162M Wells Fargo Tax Spat, Court Says

Law360, New York (October 30, 2013, 6:23 PM EDT) -- A jury should decide whether Wells Fargo & Co. is entitled to a $164 million tax refund stemming from a purported sham transaction involving a billion-dollar loan from Barclays Bank PLC, a special master said Friday.

Special Master Charles Gustafson, a professor at Georgetown Law specializing in tax law and policy, denied Wells Fargo's motion for partial summary judgment on the issue of whether or not the bank expected a substantial pretax profit from the transaction, leaving the bank to prove to a jury that the...
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