BOSTON (Reuters) – Fidelity Investments on Wednesday won its court battle with the U.S. Internal Revenue Service over tax credits for the production of chemically treated coal.
U.S. Tax Court Judge David Gustafson ruled at a court hearing that a partnership led by Boston-based Fidelity was bonafide in its pursuit of generating tax credits from the production of treated coal.
Case - Wall - Street - Firms - Corporations
The case has been closely watched by Wall Street firms and other corporations because the production of chemically treated, or refined, coal generates more than $1 billion a year in tax credits.
At the hearing Gustafson said he disagreed with IRS arguments that Fidelity and its partners faced insignificant downside risk on their investment in refined coal...
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