TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Monday, November 7, 2011

Principal, Wells Fargo Lose $100 Million Tax Shelter Cases

Des Moines Register, Principal, Wells Fargo Lose High-Stakes Court Battles:

Two companies with strong ties to Des Moines have lost their fights to avoid paying more than $100 million in taxes to the federal government.

Principal Life Insurance and Wells Fargo were part of two separate but similar efforts to claim unearned tax credits through an elaborate series of cash transactions disguised as investments, a Des Moines Register review of thousands of pages of court transcripts, exhibits and other records shows.

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Tracked on Nov 7, 2011 10:40:47 AM