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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
