Wachovia foresees charge as high as $1B

Wachovia Corp. expects to incur a second-quarter charge of $800 million to $1 billion stemming from a federal appeals court ruling related to the tax treatment of leveraged lease transactions.

Wachovia says the anticipated charge is based on its analysis of Tuesday's court ruling in BB&T Corp. v. the United States.

In light of the ruling, Wachovia says accounting standards will require the bank to update its assessment of transactions it entered into between 1999 and 2003 on lease-to-service contracts and leases of qualified technological equipment.

Such contracts are known as sale-in, lease-out -- or SILO -- agreements.

Read Full Article from Bizjournals.com

- Posted: 2008-05-01 08:42:43

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