US banks left seeing STARS after BNY Mellon’s Tax Court defeat

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US banks left seeing STARS after BNY Mellon’s Tax Court defeat

Joe Dalton
February 14 2013
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Bank of New York Mellon (BNY Mellon) had its case thrown out by the US Tax Court this week as the court described a structured trust advantaged repackaged securities (STARS) scheme it was sold by Barclays in 2001 as an elaborate subterfuge for creating foreign tax credits.

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