Oregon loses bid to recover $29.4M in back taxes

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Friday, December 21, 2012

Oregon lost a bid in Delaware bankruptcy court to recover $29.4 million in back taxes from Washington Mutual.

Assistants to Oregon Attorney General Ellen Rosenblum traveled to Wilmington in September to persuade a judge that what was once the state's second-largest bank owed excise taxes, penalties and interest on shelters it set up in the state.

Washington Mutual Inc. set up Real Estate Investment Trusts in Beaverton through its subsidiary, Washington Mutual Bank. Those REITs held billions of dollars of interest-bearing loans within them that generated income for the bank. Oregon claims it can tax that income.

Read more at OregonLive.com.

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