Fidelity Investments' courtroom battle with the IRS over disallowed tax cre...
FILE PHOTO: A sign marks a Fidelity Investments office in Boston, Massachusetts, U.S. September 21, 2016. REUTERS/Brian Snyder
U.S. Tax Court Judge David Gustafson said he may deliver his decision in the case as early as Wednesday. The outcome of the trial is being closely watched by Wall Street firms and other U.S. corporations because the production of chemically treated, or refined coal, generates more than $1 billion a year in tax credits. Beneficiaries of the tax credit program include Goldman Sachs Group Inc, JPMorgan Chase & Co and pharmaceutical company Mylan NV, to name a few.
The U.S. Internal Revenue Service, however, disallowed millions of dollars in tax credits and claimed losses reported by a Fidelity-led partnership in 2011 and 2012. The IRS says the partnership had little downside risk and was only created to “facilitate the prohibited transaction of monetizing refined coal tax credits.”
“Nobody wants to be associated with coal,” Kittle told Judge Gustafson. Kittle added that Fidelity is seen as a trusted adviser and saw the production of refined coal as an opportunity to earn tax credits and cut pollution.
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