United States Fourth Circuit
Capital One Financial Corp. v. Commissioner, 10-1788
In an appeal from a judgment of the Tax Court arising from the disallowance of deductions claimed for estimated miles redemption costs and a retroactive change in accounting method for late fees, judgment is affirmed where petitioner can neither retroactively change the method of accounting used to report credit-card late fees so as to reduce its taxable income by about $400,000,000, nor can it deduct the estimated costs of coupon redemption related to its MilesOne credit card program before customers actually redeem those coupons.
Appellate Information
- Decided 10/21/2011
- Published 10/21/2011
Judges
- WILKINSON
Court
- United States Fourth Circuit