KSLA News 12 Shreveport, Louisiana |NC appeals court upholds tax bill for Wal-Mart
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Associated Press - May 19, 2009 6:14 PM ET
RALEIGH, N.C. (AP) - An appeals court has ruled against Wal-Mart in the retailer's attempt to obtain a $33 million tax refund from the state of North Carolina.
The state Court of Appeals ruled Tuesday that Wal-Mart Stores Inc. and its Sam's Club warehouse division are not entitled to the refund.
At issue is how much taxes Wal-Mart owes the state. The company used a subsidiary in another state and a real estate investment trust to shift around profits to reduce corporate income taxes.
Wal-Mart said it did nothing illegal and argued the state revenue secretary wasn't permitted to look at other subsidiaries to determine its tax bill.
A Wal-Mart spokeswoman said it is reviewing the case, which could end up at the state Supreme Court.
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