WaMu Wins Tax Refunds Off Thrift Deals In 9th Circ.

Law360, New York (March 3, 2011, 9:15 PM EST) -- The Ninth Circuit on Thursday overturned a Washington Mutual Inc. loss in a $15 million case the bank filed to recover excess taxes it paid after buying up faltering savings and loan associations.

The district court erred in ruling that the bank could not deduct from its taxes the liabilities a predecessor had took on by buying three failing savings and loan associations, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit said.

The district court will now have to determine how...
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