COLLECTING SCARS: BB&T, led by CEO Kelly King, had to take a $281 million charge in anticipation of losing its court fight for the STARS tax shelter. Wells Fargo, led by CEO John Stumpf, saw its appeal die at the Supreme Court this month.
Wells Fargo lost its chance to appeal to the Supreme Court to approve its use of a complicated tax shelter. But clarity provided by that case and those being fought by BB&T and others is likely to provide the basis for future tax loopholes for banks.
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