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Wal-Mart Loses Tax Case RulingA North Carolina state judge ruled against Wal-Mart Stores in a tax shelter case involving the company’s paying itself rent and later citing that amount as a tax deduction. Wal-Mart had transferred ownership of its stores to various in-house real estate investment trusts, or REITs, and then cut its tax obligation by taking deductions for rent payments that never left the company. In a judgment signed on Dec. 31, an emergency special Superior Court judge, Clarence E. Horton Jr., ruled “there is no evidence that the rent transaction, taken as a whole, has any real economic substance,” other than to cut Wal-Mart’s taxes. The judge dismissed the retailer’s suit that sought a refund of the $33.5 million in taxes, interest and penalties it paid North Carolina after authorities determined it underpaid by that amount. “It is particularly difficult for the court to conclude that rents were actually ‘paid’ when they subsequently returned to the payor corporation,” the judge ruled. Wal-Mart declined to comment on the ruling because of a possible appeal. Tag CloudExternal InformationAdditional InformationHamilton gives us all feud for thought...French cuisine and the rising cost of rice... Google Profit Up 46%, Exceeding Estimates... Bad Enough Being Shoeless but Just Look at This Décor... Where Am I?News Main Page - Business - Wal-Mart Loses Tax Case Ruling |
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