Mr Cooper Group Inc (COOP)

[Shomidamoni]

So IRS will owe WMI money but only after NOL is applied.


Jan. 24 (Bloomberg) -- Washington Mutual Inc., the former parent of the biggest U.S. bank to fail, owes $12.5 billion in back taxes, the Internal Revenue Service said in court papers filed in the company’s bankruptcy case.

The company filed papers Jan. 22 asking U.S. Bankruptcy Judge Mary F. Walrath to void at least part of the alleged debt, arguing that because Washington Mutual lost so much money, it expects to get a federal tax refund. The company also said the IRS filed a claim in bankruptcy court before making a formal determination about how much Washington Mutual actually owes.

“In all possible situations, the IRS will owe WMI money,” the company said in court papers filed in Wilmington, Delaware.

The company, based in Seattle, filed for bankruptcy on Sept. 26, the day after its banking units were seized by regulators and sold to JPMorgan Chase & Co. for $1.9 billion. WaMu has said it plans to try to get a refund for previous years’ tax bills based on $20 billion in losses