Mr Cooper Group Inc (COOP)

[p_chen]

In Debtor's objection to IRS's tax claim, Debtor pointed out the contradiction of IRS' assertion as to its proof amended.

http://www.kccllc.net/documents/0812229/0812229090122000000000006.pdf

Read through item 4 under "The IRS Claim", you should notice that WMI has given out reason for why that $2.3 billion owed taxes are invalid amounts.

WMI showed in the document that IRS asserted that the $2.3 billions taxes "have yet to be assessed". However in the proof (ie, the table listing all taxes that WMI owed in various years) provided by IRS showed that that $2.3 billion taxes are "under Exam" and/or "Unassessed - No Return".


On Feb 3rd, IRS filed its response to Debtor's above objection.

IRS said debtors failed to challenge the proof of claim number 8 which had been amended by a proof of claim filed on January 13, 2009. I checked KCCLLC but can't the relevant document filed by IRS. Stop here...

I want to show the logics behide IRS's "fight-back".

In the latest responding document filed by IRS, it didn't answer the question raised by WMI. That is: why does the amended list provided by IRS that show the amount of taxes owed by WMI show as "under Exam" and "Unassessed"?

No answer from IRS. However, IRS wants to "re"-direct the attention to the proof it claimed that has been filed on Jan 13, 2009(ie, I can't find it). It said the debtors have no objection on that proof.

The logics of IRS now is to bring up as many troubles as it can. Why? To me, it's obvious that it is at the edge. It has no real ground to stand. So it throws out all complicated tax issues and wants one or two of them to be valid hopefully.


ps. Being pointed out in Debtor's objection to IRS claim, we see WMI said there is a significant NOL incurred in 2008. So it's reasonable to assume that amount is mainly from the $24 billion security/capital losses from the WMB seizure.

God bless WaMu shareholders.