BNY Mellon, IRS spar over $900 million tax benefit

Thu, 05/17/2012 - 19:45 EDT - Yahoo!

Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case ...

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BNY Mellon, IRS spar over $900 million tax benefit
WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax credits through loans with London-based Barclays Plc . The tax benefit stems from a $1.5 billion loan to BNY Mellon from Barclays Plc , which also helped several other U.S. banks generate billions in foreign tax credits. Barclays has not been accused of any wrongdoing. ...
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BNY Mellon, IRS spar over $900 million tax benefit

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