BB&T appeals to Supreme Court for help in $500m foreign tax credit denial
BB&T is appealing to the US Supreme Court over a dispute regarding $500m in foreign tax credits. This is a continuation of a previously failed appeal in May this year, when the bank lost due to the court believing accusations that its Structured Trust Advantaged Repackaged Securities (STARS) transaction with Barclays to generate tax credits was "simply a money machine", with no economic purpose and therefore could not be used to seek $688m in US tax rebates.

By Matt Sharp (October 2, 2015, 6:31 PM EDT) -- 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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