Lehman Brothers Holdings Inc. and the Internal Revenue Service have reached a settlement over hundreds of millions of dollars in disputed tax claims and penalties, Dow Jones Daily Bankruptcy Review reported on Friday. Lehman and the IRS, which have already resolved disputes over more than two dozen tax issues, on Wednesday filed a new settlement, bankruptcy court papers show. Under the settlement, the IRS agreed to concede $238 million of the $574 million in taxes and penalties it sought to impose on Lehman, while Lehman will agree to tax adjustments totaling $336 million. Another $230 million in IRS claims will be resolved outside of the settlement "by operation of law," Lehman said.
