WASHINGTON — Community First Credit Union's lawsuit over the legality of the unrelated business income tax is scheduled to be heard next May 9, U.S. District Judge William C. Griesbach announced Tuesday.
Community First is seeking a refund of $54,00 that the IRS claimed was owed based on the sale of credit life and credit disability insurance and guaranteed auto protection insurance. The credit union contends that the IRS should not have levied a UBIT on these services because they are financial services that help mitigate the losses to the credit union, enable the credit union to grant loans and thus further the mission of credit unions.
Community First is being back in the suit by CUNA, CUNA Mutual and the Wisconsin Credit Union League.
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Griesbach ruled that the discovery in the case should be completed by early December and any motion for summary judgment should be filed by February 17,2008.
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