Lehman Brothers may be out of business and bankrupt, but that doesn't mean NYC can't demand over $600 million in underpaid taxes. The NY Times reports, "The Bloomberg administration has accused Lehman of shortchanging the city of $627 million in corporate and other taxes, beginning in 1996. It is now trying to convince federal bankruptcy court in Manhattan that the city should jump closer to the front of Lehman’s long line of creditors." Apparently Lehman, per the city's estimates, unpaid its corporation tax by $615 million and never paid commercial rent taxes of $12 million, which, prompts a lawyer representing some of Lehman's other creditors to ask: "How did the city get to the point where the city was looking at so many tax years, and so much money? It raises a lot of questions." (The city says it had been talking to Lehman about recouping the money and pointed out that audits can take a really long time!)
NYC Wants Its Tax Money From Lehman Brothers!
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