Prudential Denied $7M Tax Refund For Bad Calculation

Law360, New York (April 9, 2013, 6:38 PM EDT) -- A New York state appeals court on Tuesday denied Prudential Insurance Co. of America's bid to recover $7.2 million in retaliatory taxes, ruling state tax law does not allow the company to secure a refund for mistakes that it made in determining its own operating losses.

Upholding a lower court's decision denying Prudential's petition, the appeals court said state insurance law limits refunds to instances of legal misinterpretations. Because Prudential's overpayment only occurred because it originally underestimated its legal tax obligation, the state has no obligation...
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