WASHINGTON – A federal judge has delayed the trial of Bellco Credit Union's lawsuit against the Internal Revenue Service over $199,000 in unrelated business income taxes paid.
U.S. District Judge Christine Arguello vacated the original date of Aug. 31 and did not set a new one, but said she would do sometime after a status conference between the two sides scheduled for June 19.
The Greenwood Village, Colorado-based credit union is disputing the taxes it paid in 2000, 2001 and 2003 based on revenue generated from sales of credit life and credit disability insurance during those years. Bellco is also claiming a refund for taxes based on revenue from the sales of accidental death and disability insurance and from its involvement in CFS Member Financial Services in 2003.
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Bellco's suit is the second credit union-originated lawsuit on this issue. Community First Credit Union's lawsuit over the IRS' interpretation of the UBIT with regards to credit unions is scheduled to be heard next May 9. The case filed by the Appleton, Wisconsin-based credit union is set to be heard in U.S. District Court in Green Bay.
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