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Grassley calls for investigation of bank loss ruling

November 17, 2008

Senator Grassley, the ranking Republican on the Senate Finance Committee, calls for the Treasury Inspector General to investigate Notice 2008-83, the ruling that allows banks to ignore the Section 382 "built-in loss" rules when acquire a bank with bad loans.

The ruling provides an important benefit to Wells Fargo in its acquisition of Wachovia. Wells Fargo is a big employer in Des Moines.

The TaxProf has more.

Related: Bank Section 382 Ruckus

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