BofA Grabs $12 Billion Tax Write-Off From $17 Billion Mortgage Settlement — forbes.com

If you get stuck paying out huge amounts to anyone, you want to ease the burden by writing it off. Bank of America may be smarting over the historic $17 billion legal settlement it reached over soured mortgage securities Still, it should be mollified that it’s getting a hefty tax write-off. How, you might ask? It got around the Department of Jusitce’s recent policy of nixing tax deductions. See DOJ Allows Bank of America to Deduct $12 Billion of $17 Billion Settlement. Not everyone is pleased that BofA gets to pass on $4 billion to taxpayers, though the $4 billion figure was confirmed by a bank spokesman. Some lawmakers and consumer advocates say the DOJ and regulators need to take taxes into account in touting the settlement figures.

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