UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA
Philip Karter, Jonathan Prokup, and Herbert Odell,
CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS & MARTIN
, 300 Conshohocken State Road, Suite 570, West Conshohocken, PA 19428; Jeffrey A. Sloan and Mark A. Hager,
WELLS FARGO & COMPANY
, 90 South Seventh Street, MAC N9305-164, Minneapolis, MN 55479, for plaintiff. Thomas P. Cole, Gregory E. Van Hoey, and Jacqueline C. Brown,
UNITED STATES DEPARTMENT OF JUSTICE, TAX DIVISION
, P.O. Box 7328, Ben Franklin Station, Washington, DC 20044, for defendant.
Plaintiff WFC Holdings Corporation (“WFC”
or “Wells Fargo”
) brought this action against the United States seeking a refund of federal income taxes in the amount of at least $82,313,366 for the tax year ending December 31, 1996. (Compl. ¶ 1, Docket No. 1.
) According to the government, WFC’s refund demand is based on capital losses
accruing from a sham transaction intended to operate as a tax shelter. A trial on the
Unless further specificity is required, the Court will refer to WFC
or “Wells Fargo”
interchangeably as the entire family of Wells Fargo corporations including both Wells Fargo & Co. and plaintiff WFC Holdings Corporation. The differences between these two entities are not
relevant for the disposition of this case. “The bank” or “Wells Fargo Bank” will refer to WFC’s
banking operations, including but not limited to one of the transferring banks discussed below.
WFC HOLDINGS CORPORATION, Plaintiff, v. UNITED STATES OF AMERICA, Defendant. Civil No. 07-3320
FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER FOR JUDGMENT
CASE 0:07-cv-03320-JRT-FLN Document 189 Filed 09/30/11 Page 1 of 98