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interest netting

The 4th U.S. Circuit Court of Appeals rebuffed Bank of America’s argument that interest it owned on tax underpayments should be offset by payments due to Merrill Lynch, with which the bank had merged, for overpayments Merrill had made. (Associated Press file)
Aug 20, 2025

4th Circuit rejects BofA bid to net Merrill tax interest

The 4th Circuit ruled Bank of America cannot offset its tax underpayment interest with Merrill Lynch overpayment interest, affirming they were not the same taxpayer.


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