Reuters Quotes Mark Allison: MoneyGram Claims Bank Status in Tax Dispute with IRS

Reuters quotes Mark D. Allison on the implications for many financial institutions as MoneyGram fights the IRS for bank status. The case is being watched closely as the definition of what constitutes a bank becomes increasingly murky. For the complete article, please visit  Reuters' website.
 
Excerpt taken from the article.

"There is clearly precedential value to other financial institutions that may not be viewed as conventional banks," said Mark Allison, a lawyer with Caplin & Drysdale.

"Given the volume of securities and debt instruments that lost substantial value in the aftermath of the financial crisis, this will continue to be a thorny and difficult issue for taxpayers," Allison said