Wells Fargo & Company v. United States

OPINION

FIRESTONE, Judge.

This case presents an issue of first impression regarding the application of Internal Revenue Code (“I.R.C.” or “Code”) § 6621(d) to corporations that have acquired other corporations or been acquired through a statutory merger. It concerns whether plaintiff, Wells Fargo & Company (“Wells Fargo”), is entitled to net the interest paid on certain tax underpayments owed by Wells Fargo or its predecessor, First Union Corporation (“First Union”), with the interest owed by the United States to Wells Fargo on over-payments made by First Union or other companies acquired by…