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A. Background
Norwest Corp.3 (Norwest) is a multibank holding company
organized in 1929. It owns substantially all of the outstanding
capital stock of numerous commercial banks in Minnesota, Iowa,
South Dakota, Nebraska, Wisconsin, North Dakota, Montana, Wyoming,
Illinois, Indiana, and Arizona. Norwest also owns subsidiaries
engaged in various businesses related to banking, principally
mortgage banking, equipment leasing, agricultural finance,
commercial finance, consumer finance, securities dealings and
underwriting, insurance agency services, computer and data
processing services, corporate trust services, and venture capital
investments. For each of the years at issue, Norwest and its
subsidiaries filed consolidated Federal income tax returns.
On November 2, 1998, Wells Fargo & Co. was merged into a
wholly owned subsidiary of Norwest. Simultaneously with the
merger, Norwest changed its name to Wells Fargo & Co. Hereinafter,
reference to Norwest is to Norwest and its subsidiaries before the
merger with Wells Fargo & Co.
When Norwest filed the petitions in docket Nos. 7620-98 and
12136-98 (which was before the merger), its principal place of
business was in Minneapolis, Minnesota. At the time Wells Fargo &
Co. filed the petitions in docket Nos. 19891-98, 7282-99, and
3 Norwest Corp. was formerly known as Northwest
Bancorporation.
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Last modified: May 25, 2011