2012-04-17 — propublica.org
This week, BNY will square off against the Internal Revenue Service in U.S. Tax Court in New York over STARS and the tax benefits it triggered for the U.S. bank and U.K.-based Barclays, its counterpart in the deal. At issue is whether STARS was set up primarily to generate artificial foreign-tax credits, as the IRS contends; or was a legal way for BNY to obtain financing at rock-bottom rates.
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