Friday, March 26, 2010
JPMorgan Chase & Co. may enjoy two helpings of tax relief thanks to a little publicized stimulus provision that permits banks and businesses to apply loses from 2008 or 2009 against taxes paid in the previous five years. This break could mean a tax refund of $1.4 billion based on JPMorgan’s own operation, plus more than half of the $2.6 billion due to Washington Mutual, which it took over after WaMu’s collapse.
Congressional tax experts and The Wall Street Journal calculate that as much as $33 billion could be refunded to more than 250 companies. The list includes US Airways, Alaska Airlines, Liz Claiborne, Borders, Zale’s—and even bankrupt Lehman Brothers.
-Noel Brinkerhoff
Tax-Break Battle Flares (by Dan Thurm and Scott Fitzpatrick, Wall Street Journal)
Even Bankrupt Lehman Gets a Fat Tax Refund (by Michael Corkery, Wall Street Journal)
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