Wells Fargo Asks Justices To Review $82M Tax Refund Claim

Law360, New York (March 7, 2014, 5:56 PM EST) -- WFC Holdings Corp., a subsidiary of Wells Fargo & Co., recently asked the U.S. Supreme Court to review an Eighth Circuit decision finding the bank was not entitled to an $82 million tax refund because a real estate transaction lacked economic substance.

In its petition, dated Feb. 26, Wells Fargo said the Eighth Circuit’s decision that slapped the bank with the tax bill was an example of judicial activism run amok, and the decision widened a split between the Eleventh Circuit and the Eighth, Sixth and...
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