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Home / Opinion Digests / No Retroactive Accounting Change for Capital One (access required)

No Retroactive Accounting Change for Capital One (access required)

The 4th Circuit says Capital One credit card company may not retroactively change its accounting method for reporting credit-card late fees on its 1998 and 1999 tax returns in order to reduce its tax liability by about $400 million, nor may it deduct the estimated costs of coupon redemption related to its MilesOne credit card ...

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