First Union National Bank v. Commonwealth

OPINION BY

Judge COHN JUBELIRER.

This case involves the tax ramifications following the merger of three banks — two with significant Pennsylvania tax contacts and one with no Pennsylvania tax contacts — relevant to what is colloquially known as the Bank and Trust Company Shares Tax (Shares Tax), 1 which computes an institution’s tax liability based on a moving six-year average value. First Union National Bank (Petitioner) argues that the Department of Revenue (Department) should not use a six-year average value to compute the Shares Tax for the value of shares attained through merger with…