JP Morgan Paid $1.9 Billion For Washington Mutual And Now It Wants A $1.4 Billion Tax Refund

JPMorgan Chase is negotiating with the FDIC for a tax refund related to its acquisition of Washington Mutual that could amount to $1.4 billion, The Wall Street Journal is reporting this morning.

A little noticed change in tax law was incorporated into the extension of jobless benefits last year. Under the new rules companies can use losses to apply for tax refunds against earnings from the past 5 years--up from just 2 years before the change.