Freddie Mac — the government-sponsored but privately owned home mortgage financier whose massive debts have been assumed in a federal “bailout” administered by the Treasury Department — filed a claim in Tax Court against the Internal Revenue Service, denying IRS’s claim that it owes $3 billion in back taxes from 1998-2005.
Should taxpayers care?
If Freddie Mac wins, IRS — which is also housed in the Treasury Department — loses out on the $3 billion in alleged back taxes.
If IRS wins, it gets its $3 billion, which will undoubtedly be paid with taxpayer bailout money.
Lawyers for both sides seem to think that pursuing the lawsuit is important.
drink it ...
Patrons using rest rooms at city hall in Chandler, Ariz., were stunned to see wall signs warning users not to drink out of the urinals and toilets.
Actually, as officials explained, the environmentally friendly facilities flush with “reused” water — from the building’s cooling system — which must normally be colorized to discourage inadvertent drinking, and if it is not so harshly colored, must, by regulation, be accompanied by warning signs.
(Send your Weird News to Chuck Shepherd, P.O. Box 18737, Tampa Fla. 33679 or go to www.newsoftheweird.com.)