Government Decides Against Further Review in Washington Mutual
Post by Alan Horowitz
June 2, 2011
June 2, 2011
As we previously reported, the Ninth Circuit in Washington Mutual reversed the district court and ruled that the taxpayer did have basis in regulatory rights that it received in connection with a transaction in which it took over failed thrifts during the savings-and-loan crisis of the 1980s. The government has now allowed the periods for seeking rehearing and certiorari to expire without taking action. The Ninth Circuit’s decision is therefore final, and the case will move on to further proceedings on remand in the district court to determine the amount of basis.
