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Lehman the tax scofflaw

Wow, Lehman Brothers really didn’t like paying taxes.

Back in June, New York City’s tax department filed a $626 million claim for back taxes against the bankrupt investment bank. And now comes New York State with an even bigger $1.2 billion tax claim.

Most of Lehman’s unpaid taxes to the state stem from last year, not surprising given what happened to the firm. But the state lists Lehman as having a $223 million outstanding corporate tax liability from 1999.

The unpaid liability from 1999 is so old that the interest owed to the Empire State actually exceeds the amount in unpaid taxes.

It makes you wonder is other Wall Street are equally as stingy when it comes to paying the taxman.

Lehman’s huge NYC tax bill

New York City wants Lehman Brothers’ outstanding tax bill paid off now–or at least before any other creditor gets money in the bankruptcy case.

Earlier this month, the city tax office filed a $626,999,222 claim against Lehman’s bankruptcy estate. In the official notice, NYC says its claim should be “allowed and paid in full as a priority claim in advance of any distribution to creditors.”

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