Despite Issues, Tax Sharing Deals Not Yet High Court-Ready
Law360, New York (February 7, 2014, 2:26 PM EST) -- The U.S. Supreme Court will likely reject BankUnited Financial Corp.'s recent bid for certiorari review of the interpretation of its tax sharing agreement, but tax experts expect a future high court decision on the issue because of the billions of dollars potentially at stake and the strong possibility of a circuit split.
The Eleventh Circuit muddied the waters of bank tax refunds in August when it ordered BankUnited to forward refunds from a consolidated tax return to the Federal Deposit Insurance Corp., but the case turned on specific contract interpretation issues surrounding the bank's tax sharing agreement, likely dooming the case...
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