Lehman Tangles With IRS Over Tax Benefits

Law360, New York (January 30, 2008, 12:00 AM EST) -- With the outlook on Wall Street becoming bleaker by the day, Lehman Holdings Inc. is now also locked in a battle with the Internal Revenue Service over an estimated $685 million in total tax benefits that the brokerage giant previously reported.

Lehman admitted Tuesday in its annual report to the U.S. Securities and Exchange Commission that it will soon be duking it out with the IRS over the recording of tax benefits from 1997 to 2000, according to Reuters.

While most of Lehman's issues with the...
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