Politics & Government

February 7, 2009

Stimulus bill would end tax ruling that benefited Wells Fargo

The IRS ruling let Wells Fargo skirt the usual limits on business losses from acquisitions when it bought Wachovia. Several lawmakers cried foul when they learned about the ruling, saying the IRS had no authority to overturn tax policies without congressional input. The ruling came two days before Wells Fargo acquired Wachovia.

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