Bank of America Draws Industry Support in $167 Million Tax Case

Bank of America Corp. should be able to recoup $167 million from the IRS related to its 2013 merger with Merrill Lynch, the US Chamber of Commerce and other business groups told an appeals court.

The groups filed an amicus brief Tuesday at the US Court of Appeals for the Fourth Circuit in which they argued it’s unfair for the government to charge post-merger corporate taxpayers higher interest for underpaid taxes than it dispenses for overpayments. In that situation, a company that owes zero net taxes because its overpayments and underpayments are equal could still owe the government interest, the ...