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BankUnited expects $295M income tax benefit in Q4

Miami Lakes, Fla.-based BankUnited Inc. is expecting to record an income tax benefit in the fourth quarter of around $295 million, plus estimated interest and minus the associated professional fees and expenses.

The refund is connected to an Internal Revenue Service audit on BankUnited's consolidated U.S. federal income tax for 2013, including the company's prior treatment of certain loans acquired from BankUnited FSB. BankUnited claimed it should be refunded income taxes paid for tax years 2012, 2013 and 2014.

BankUnited said that it cannot provide an exact date on when it will ultimately get the refund because the IRS has not yet finalized its internal process.