Jury selection is beginning today in a Madison, Wis. courtroom in the trial the IRS' interpretation of the unrelated business income tax with regard to credit unions.
Community First Credit Union is seeking a refund of $54,000 that the IRS claimed was owed based on the sale of credit life and credit disability insurance and guaranteed auto protection insurance. The Appleton, Wis.-based credit union contends that the IRS should not have levied UBIT on these services, because they are financial services that help mitigate the losses to the credit union, enable the credit union to grant loans and thus further the mission of credit unions.
The tax is only levied on state-chartered credit unions.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
