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Wal-Mart to Appeal North Carolina Tax Ruling

This brief story notes that Wal-Mart intends to appeal last month’s ruling in a heated North Carolina tax-shelter case. A state court judge in North Carolina dismissed Wal-Mart’s request for tax refunds after the retailer took advantage of a real estate loophole and essentially paid rent to itself. Click here for the original story.

Wal-Mart to appeal tax refund ruling [Raleigh News and Observer (N.C.)]

Wal-Mart said it will appeal a court decision that denied the retailer a $30 million tax refund from the state.

Last month, a Wake County judge rejected the retailer’s argument that the state improperly assessed its corporate income tax for a four-year period.

The state Department of Revenue contended that Wal-Mart tried to use tax shelters to obfuscate its earnings in North Carolina.

Posted by Alex Goldschmidt on Tuesday, February 05, 2008