Hidden cost: Banks see lower tax bill when they settle with the government

Categorized | STOP FORECLOSURE FRAUD

Hidden cost: Banks see lower tax bill when they settle with the government

Hidden cost: Banks see lower tax bill when they settle with the government

Think taxpayers have these kind of loopholes?


WAPO-

When Bank of America agreed in December to pay $335?million to resolve federal charges that its mortgage-lending arm discriminated against black and Hispanic borrowers, government officials hailed it as the largest fair-lending settlement in history.

But, in fact, the banking giant has the right to a massive discount on the payout. Thirty-five percent of the settlement is deductible. That means Bank of America could wind up saving $117 million on its tax bill.

[WASHINGTON POST]

Image via: texasenterprise.utexas.edu

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