Justices stumped in SCOTUS tax refund case with “massive economic significance”

Ephrat Livni
Justices stumped in SCOTUS tax refund case with “massive economic significance”

Today the US Supreme Court heard arguments in a tax refund case that seemed to leave the justices confused but curious. The fight here arises from a $4 million tax refund that the IRS gave United Western Bancorp, Inc. (UWBI), which its subsidiary, United Western Bank (UWB) claims belongs to it. Both the parent corporation and the subsidiary have filed for bankruptcy.