WFC HOLDINGS CORPORATION v. U.S.
WFC HOLDINGS CORPORATION, Plaintiff,
UNITED STATES OF AMERICA, Defendant.
Civil No. 07-3320 (JRT/FLN).
United States District Court, D. Minnesota.
September 30, 2011.
Philip Karter, Jonathan Prokup, and Herbert Odell, CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS & MARTIN, 300 Conshohocken State Road, Suite 570, West Conshohocken, PA; Jeffrey A. Sloan and Mark A. Hager, WELLS FARGO & COMPANY, 90 South Seventh Street, MAC N9305-164, Minneapolis, MN 55479, for plaintiff.
FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER FOR JUDGMENT
JOHN R. TUNHEIM, District Judge.
Plaintiff WFC Holdings Corporation ("WFC" or "Wells Fargo"1) brought this action against the United States seeking a refund of federal income taxes in the amount of at least $82,313,366 for the tax year ending December 31, 1996. (Compl. ¶ 1, Docket No. 1.) According to the government, WFC's refund demand is based on capital losses accruing from a sham transaction intended to operate as a tax shelter. A trial on the merits was conducted by the Court without a jury on October 4, 5, 7, 8, 12, 13, 14, 20, 22, 25, and November 3, 2010. The parties presented closing arguments on February 18, 2011. Having considered each party's evidence, exhibits, and arguments of counsel, the Court enters its Findings of Fact, Conclusions of Law, and Order for Judgment, pursuant to Rule 52(a)(1) of the Federal Rules of Civil Procedure.FINDINGS OF FACT
1. All of the Findings of Fact set forth herein are undisputed or have been proven by a preponderance of the evidence.
2. To the extent that the Court's Conclusions of Law include what may be considered Findings of Fact, they are incorporated herein by reference.
I. CORPORATE STRUCTURE