FILE - In this Dec. 10, 2012 file photo, fog obscures the Capitol dome on Capitol Hill in Washington. Big tax increases will hit millions of families and businesses a lot sooner than many realize if Congress and the White House don't agree on a plan to avoid the year-end fiscal cliff of automatic tax increases and government spending cuts. In fact, they already have. More than 70 tax breaks enjoyed by individuals and businesses already expired at the beginning of this year. If Congress doesn't extend them, a typical middle class family could get a $4,000 tax hike when they file their 2012 returns next spring, according to a private analysis. At the same time, businesses could lose dozens of tax breaks they have enjoyed for years. (AP Photo/J. Scott Applewhite)
BB&T to take $281 million tax charge
Published: 11:03:43 PM, Tue 26 February 2013 UTC
WINSTON SALEM, N.C. (AP) — BB&T Corp. said Tuesday that it will take a $281 million charge in the first quarter because the bank set aside money to help cover a disputed tax liability.
The bank said the decision to take the charge was spurred by a recent development in a case between the Bank of New York Mellon Corp. and the IRS involving foreign tax credits that was similar to BB&T's tax situation. On Feb. 11 the U.S. Tax Court ruled against the Bank of New York Mellon.
BB&T said it's currently in a dispute with the Internal Revenue Service to recover an $892 million assessment that asserted liability for taxes, penalties and interest related to disallowed tax credits and other deductions.
BB&T paid the $892 million assessment to the IRS in 2010 and filed a lawsuit in an attempt to get a refund. That trial is set to start Monday.
Tags:
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