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Re: pennyrich post# 103245

Saturday, 09/26/2009 5:40:08 PM

Saturday, September 26, 2009 5:40:08 PM

Post# of 749756
No. The NOLs were valued at the minimum of $2.6 Billion.

Per Note 5: Taxes from Washington Mutual, Inc., et al
May 2009 Monthly Operating Report – UNAUDITED
MOR 3 Balance Sheet as of 5/31/2009 Case No.08-12229 (MFW)
Washington Mutual, Inc.
5/31/09:

Note 5: Taxes
The tax asset and liability balances are recorded consistent with WMI’s historical accounting practices as of the
Petition Date and adjusted for refunds collected. Generally, tax related claims and payables are recorded on WMI’s books and records on a consolidated basis with the other members of the consolidated tax group and have not been adjusted for any potential claims against these assets.

The current recorded balances do not reflect all expected refunds or payments as these amounts are currently being
reviewed. The current estimate for the total expected refunds, net of potential payments, is in the range of
approximately $2.6 - $3.0 billion. WMI understands that JPMorgan, the purchaser of substantially all of WMB’s assets, may seek to claim all or a portion of the expected tax refunds.

No provision or benefit from income taxes has been recorded as the NOL’s are expected to be sufficient to
offset income during the reported period. Income tax expense contains alternative minimum taxes paid in
certain states.

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