Appears that it is always the least informed that are quick to make judgments. Read the transcript before you reach a conclusion and understand the facts, if possible. Perhaps the case was too complicated for the Court to make a reasoned decision. Wait until the Appeal to see if this wrong outcome stands. IRS always think they are entitled to win just like they think deductions on a personal tax return are like a gift to taxpayers.
I hope the people in charge clean this #$%$ up for good and start behaving themselves.
This money (flushed down the toilet) could have done quite a lot to augment the dividend. We own 3000 shares in this company and very unhappy about this.
It depends on how much of this is time shifting of taxes that would have been due in the past and how much is penalties and interest. If most of this is taxes that otherwise would have been due over a period of years, the long term effect is negligible. If there is a large penalty included, or if there were other economic losses involved, I will be pi$$ed.
This is the full charge.
According to Bloomberg, "BNY Mellon said yesterday in an e-mailed statement that it would take an after-tax charge of about $850 million during the first quarter because of the ruling. While the ruling directly affects only two years, the amount of the charge reflects about six years of tax benefits connected to the disputed transaction, according to the company’s 2011 annual report."