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$1.5B Barclays Loan Wasn't Tax Shelter, BB&T Tells Fed. Circ.

By Jimmy Hoover (January 7, 2015, 4:32 PM EST) -- BB&T Corp. told a Federal Circuit panel Wednesday that a $1.5 billion loan from British bank Barclays LLP was a legitimate business transaction that could be used for foreign tax credits, rebuffing claims from the Internal Revenue Service that the deal was no more than an American tax shelter....

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