Friday, September 20, 2013

BB&T to take $250 million hit on tax case

BB&T will have to take a $250 million charge this quarter after a judge ruled against it in a tax case, the bank said Friday. The IRS had challenged the bank on its use of foreign tax credits in a transaction completed in 2002.

CEO Kelly King said in a statement the bank still will remain profitable in the quarter.

"We are surprised and very disappointed with the court's ruling and continue to firmly believe that this was a legitimate financing transaction," he said in the statement.