BankUnited in Miami Lakes, Fla., is set to get a big tax refund.
The $295 million refund is tied to loans associated with the post-crisis purchase of the failed BankUnited.
The $29.6 billion-asset company disclosed in a regulatory filing Monday that it expects to record an income tax benefit in the fourth quarter, minus certain professional fees and expenses.
A group of investors bought and recapitalized the failed BankUnited in 2009. The company, which has claimed it is owed refunds for 2012 through 2014, said in Monday’s filing that it has been in “extensive discussions” with the IRS over the issue.
The IRS, which initially disagreed, eventually told BankUnited that it should receive a refund, plus interest, once an audit was completed. The company is waiting for the IRS to finish an internal review process before confirming the timing of the payout.
BankUnited said it is evaluating whether it would be able to pursue refunds in several state and local jurisdictions.