RALEIGH, North Carolina AP – The state Court of Appeals ruled Tuesday against Wal-Mart Stores Inc. and its efforts to get a $33 million tax refund, upholding a trial judge’s ruling that found a complex corporate structure was used primarily to avoid corporate income taxes.

In a unanimous opinion, the three-judge panel said the state revenue secretary has the authority to combine the finances of multiple subsidiaries when determining the discount retailer’s tax bill in North Carolina.