Wells Fargo Says IRS Owes It $164M Over Barclays Deal

Law360, New York (December 04, 2013, 6:51 PM ET) -- Wells Fargo & Co. urged a Minnesota federal judge Monday to order the Internal Revenue Service to issue a $164 million tax refund over a $1.25 billion Barclays Bank PLC deal, saying the transaction that generated the refund served a legitimate business purpose.

In a motion for partial summary judgment filed Monday, Wells Fargo says the transaction alleged to be a sham by the IRS, a $1.25 billion loan from Barclays Bank PLC in 2002, was used to support Wells Fargo’s profit-seeking banking business and thus...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers