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Lehman seeks $110 million back for tax overpay

NEW YORK (Reuters) - Lehman Brothers Holdings Inc LEHMQ.PK has sued the U.S. government, asking for the return of some $110 million that the bankrupt investment firm said it overpaid in taxes and penalties in 1999 and 2000.

Tax refunds paid to a bankrupt company usually become part of the estate and can be allocated to creditors. Representatives for Lehman were unavailable to comment on how any possible tax returns might be allocated in this case.

A U.S. Internal Revenue Service spokesman said the IRS can not discuss or disclose information about a U.S. taxpayer.

Lehman, which declared bankruptcy in September 2008, said it is entitled to a refund of federal income taxes and penalties they overpaid for dividends paid for borrowed stock.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.

(Additional reporting by Santosh Nadgir in Bangalore)

Reporting by Chelsea Emery, editing by Dave Zimmerman

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