Daily News: January 25, 2012

WSJ: U.S. Appeals Court Upholds Tax Ruling Against GE Capital

The Wall Street Journal reported a federal appeals court upheld a ruling against General Electric’s financing arm that charged the conglomerate with understating some of its taxable income.

The article said the Second Circuit appeals court in New York agreed the Internal Revenue Service was right to impose a fine against a unit of GE Capital for allegedly using a complex partnership arrangement to skirt its U.S. tax obligation. GE has defended its practices as legal, according to the WSJ report.

To read the full WSJ article, click here.