South Carolina Appeals Court Rules U.S. Bank Owes Nearly $5 Million in Taxes
South Carolina's Court of Appeals has ruled that U.S. Bank owes the state nearly $5 million in taxes, interest and penalties. The decision was unanimous, with the opinion written by Judge Aphrodite Konduros.
At issue was how the bank's "revenue-generating activities" in the state should be taxed. Applying the revenue-generating activity test, the court held that a portion of U.S. Bank's income sourced to South Carolina is taxable there, rejecting the bank's position on apportionment.
The ruling clarifies how financial institutions are taxed in South Carolina. U.S. Bank may seek review by the state Supreme Court. (GSM, based on reporting by Bloomberg Law and Law360)
Published by GSM · USA (original Chinese edition)
Photo: Wikimedia Commons（CC BY-SA 4.0，DXR 摄）
