Trial begins in BB&T’s bid for $829 million tax refund
WINSTON-SALEM, N.C. — A trial began Tuesday in the U.S. Court of Federal Claims involving BB&T Corp. and its lawsuit that requests an $892 million refund from the Internal Revenue Service.
BB&T spokesman David White said Tuesday the trial could take up to a month. “Once it is complete, the time frame for a ruling is left up to the judge,” White said.
The bank said Feb. 26 it would take a $281 million charge in the first quarter as part of setting aside reserves for disputed tax liabilities.
The bank’s decision comes on the heels of an opinion in February in the U.S. Tax Court that led Bank of New York Mellon Corp. to take an $850 million charge in the first quarter.
The court ruled BNY Mellon was prohibited from claiming its foreign tax credits with the IRS. That case focused on BNY Mellon’s use of financial dealings known as STARS transaction, or Structured Trust Advantage Repackaged Securities.
Read full story: The Winston-Salem Journal.