Wal-Mart loses court papers bid in tax dispute: report
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Fri, 23 Nov 2007 06:54:05 GMT |
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Reuters |
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NEW YORK (Reuters) - A North Carolina state judge rejected an attempt by Wal-Mart Stores Inc to block public access to certain court documents in a tax dispute with state authorities, the Wall Street Journal reported Friday in its online edition.Earlier this month, the world's largest retailer filed a motion requesting to have a host of future filings in the case sealed.North Carolina's attorney general -- opposing Wal-Mart's effort -- argued there was a public interest in maintaining public access to the documents at issue, the newspaper said.North Carolina's attorney general is challenging a Wal-Mart tax-cutting structure involving real-estate investment trusts (REIT), the Journal said.The retailer transferred ownership of its stores to various in-house REITs and then cut its tax bill by taking deductions for rental payments which never left the company, the Journal said, adding that Wal-Mart defended the strategy as proper.Wal-Mart declined to comment.(Reporting by Justin Grant; Editing by Paul Bolding) (c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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