US Government asks Supreme Court to deny BNY Mellon's bid over $500m tax credit

The US Government has stepped into ask the US Supreme Court to deny BNY Mellon the opportunity to receive $500m in foreign tax credits because it had already been concluded that the transaction the credit derived from lacked a legitimate business purpose.

By Eric Kroh (January 8, 2016, 5:35 PM EST) -- The U.S. government has asked the U.S. Supreme Court to deny a bid by Bank of New York Mellon Corp. to revive $500 million in foreign tax credits, saying that the Second Circuit correctly concluded that the transaction the credits are derived from lacked a legitimate business purpose....

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