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Salem Financial, Inc. v. US
Case Number:
14-5027
Court:
Nature of Suit:
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October 02, 2015
BB&T Appeals $500M Foreign Tax Credit Denial To High Court
BB&T Corp. has asked the U.S. Supreme Court to weigh in on a dispute over nearly $500 million in foreign tax credits, taking aim at the Federal Circuit's finding that a multibillion-dollar financing transaction involving Barclays Bank PLC lacked economic substance.
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May 14, 2015
Fed. Circ. Denies BB&T $500M In Foreign Tax Credits
The Federal Circuit on Thursday upheld the denial of nearly $500 million in foreign tax credits claimed by BB&T Corp. for a transaction it entered into with Barclays Bank PLC, finding the transaction lacked economic substance and must be ignored for tax purposes.
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January 07, 2015
$1.5B Barclays Loan Wasn't Tax Shelter, BB&T Tells Fed. Circ.
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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August 15, 2014
IRS Right To Deny BB&T Tax Credits, Fed. Circ. Told
The federal government on Thursday hit back at BB&T Corp.’s bid to reinstate millions of dollars in tax credits it claimed for an overseas loan, telling the Federal Circuit the credits had been correctly rejected as connected to an “abusive” tax shelter scheme.
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February 28, 2014
BB&T Says It Will Appeal $74M Tax Fraud Ruling
BB&T Corp. will appeal a federal court decision that denied it $74 million in foreign tax credits after finding they were the result of a coordinated fraudulent scheme, according to a Thursday filing with the U.S. Securities and Exchange Commission.