April 30, 2008 - 08:45 a.m.

CHARLOTTE, N.C. (AP) - Wachovia says it will take a charge of between $800 million and $1 billion in the second quarter tied to past leasing transactions.

The Charlotte, N.C.-based bank said it is taking the after-tax noncash charge based on an accounting ruling made Tuesday. The ruling provides guidance on accounting standards for recording the timing of cash flows on leveraged leases.

Wachovia Corp. says it completed the transactions affected by the ruling between 1999 and 2003.

The charges would eventually be recognized as income over the remaining terms of the leases, which is typically between 35 and 40 years.