GREEN BAY, Wis. — U.S. District Judge William Griesbach last week upheld an earlier jury verdict in favor of Community First CU's challenge of the IRS position on unrelated business income taxation (UBIT).The ruling had been appealed by the Department of Justice.
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In May, a jury ruled in favor of CFCU's claim to a refund of $54,604, plus costs, related to taxes paid on credit life and credit disability insurance and guaranteed asset protection (GAP) products. Colorado-based Bellco Credit Union also is set to go to trial in a similar UBIT suit seeking a $200,000 refund.
