April 27, 2020 / 11:51 AM / a month ago

Wells Fargo STARS trust was a tax-avoidance scheme – 8th Circuit

Wells Fargo & Co lost a long-running multimillion-dollar tax battle on Friday, as a federal appeals court held that a structured trust it formed in 2003 was an elaborate and unlawful tax-avoidance scheme.

The 8th U.S. Circuit Court of Appeals rejected Wells Fargo’s claim that its 2003 U.S. income tax obligation should have been reduced, dollar for dollar, by a $70 million credit for taxes it paid the United Kingdom on income from its Structured Trust Advantaged Repackaged Securities (STARS) arrangement with London-based Barclays Bank.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Y8pVv6

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