BUSINESS BRIEFING / BANKING
Times Wire Reports
Washington Mutual Inc., the former parent of the country’s biggest failed bank, owes $12.5 billion in back taxes, the Internal Revenue Service said.
The company has asked the U.S. Bankruptcy Court to void at least part of the alleged debt, arguing that because it lost so much money, it expects a federal tax refund. Seattle-based WaMu filed for bankruptcy on Sept. 26.
