NEW YORK (

TheStreet

) --

Bank of America

(BAC) - Get Report

will pay no Federal taxes for 2010, instead receiving a refund of $1 billion, the

Charlotte Observer

pointed out in an

article

published Friday.

The bank told the newspaper the reason is that the bank lost $5.4 billion before taxes in 2010.

Nonetheless, a group called U.S. Uncut has been protesting at Bank of America branches around the U.S. and also at Bank of America's investor conference earlier this month.

As

TheStreet

has

pointed out

in a

series

of articles, many banks and financial companies, as well as others that racked up big losses during the crisis will not be paying taxes for several years, even after they become profitable.

Both

TheStreet

and prominent

hedge fund investor Bill Ackman

have highlighted

Citigroup

(C) - Get Report

as one prominent example of a company that will pay no taxes for years to come. Others include

Regions Financial

(RF) - Get Report

Synovus

(SNV) - Get Report

,

CIT Group

(CIT) - Get Report

,

AIG

(AIG) - Get Report

and

General Motors

(GM) - Get Report

.

Indeed, one of the big advantages of GM's acquisition of AmeriCredit is that the car company will be able to "carry forward" its losses to shelter the profits of AmeriCredit,

creating an estimated $3-5 billion windfall

.

--

Written by Dan Freed in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.