BB&T Can't Kick Denial Of $74M In Tax Credits

Law360, New York (January 7, 2014, 8:05 PM EST) -- A U.S. Court of Federal Claims judge on Tuesday refused to reconsider a decision denying BB&T Corp. $74 million in foreign tax credits after finding that the company ran a fraudulent scheme to earn those credits. 

The scheme in question, Structured Trust Advantaged Repackaged Securities, or STARS, created the appearance of overseas economic activity when there was none in order to dodge taxes, according to Judge Thomas Wheeler's September ruling. This was accomplished by creating sham transactions with BB&T subsidiaries, which were supposed to make BB&T...
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