WINSTON-SALEM, N.C., April 30 /PRNewswire-FirstCall/ -- BB&T
Corporation said today it will not be materially affected by a decision
issued Tuesday by the U.S. Court of Appeals for the Fourth Circuit.
The Court's decision to affirm a prior ruling by the U.S. Middle
District Court of North Carolina would disallow tax benefits associated
with certain leveraged lease transactions entered into by BB&T during the
period from 1997 through 2002.
BB&T had previously recognized all tax and interest expense and paid
$1.2 billion in the first quarter of 2007 to the IRS. The payment
represented the total tax and interest due on all leveraged lease
transactions for all open years.
Management has consulted with outside legal counsel and continues to
believe that the company's treatment of its leveraged lease transactions
was appropriate and in compliance with applicable tax laws and regulations.
BB&T's management is considering its legal options.
At March 31, BB&T had $136.4 billion in assets and operated 1,494
banking offices in the Carolinas, Virginia, West Virginia, Kentucky,
Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington,
D.C. BB&T's common stock is traded on the New York Stock Exchange under the
trading symbol BBT.
This press release contains certain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. These
statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual results
may differ materially from current projections. Please refer to BB&T's
filings with the Securities and Exchange Commission for a summary of
important factors that may affect BB&T's forward-looking statements. BB&T
undertakes no obligation to revise these statements following the date of
this press release.
SOURCE BB&T Corporation
 back to top
Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
Analysts, Tamera Gjesdal, Senior Vice
President, Investor Relations, +1-336-733-3058, or Media, Bob
Denham, Senior Vice President, Corporate Communications,
+1-336-733-1475, both of BB&T Corporation
|
