Tax Court Misdefined Key Terms In MoneyGram Row: 5th Circ.

Law360, New York (November 16, 2016, 2:14 PM EST) -- The U.S. Tax Court used the wrong definitions of "deposits" and "loans" when deciding that MoneyGram International Inc. and its subsidiaries don't qualify as a bank, the Fifth Circuit said Tuesday in a case over how the money-transferring company should pay its taxes.

The majority of a three-judge panel sent the case back to the Tax Court, ordering the judges there to use definitions provided in the unpublished opinion to reassess the case. One circuit judge dissented, saying even if the Tax Court used the wrong definitions, MoneyGram still hasn't proven that it's a bank.

What's at stake is how MoneyGram...

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