The US Supreme Court won’t review the dismissal of a lawsuit filed by three whistleblowers who say the IRS didn’t investigate their claims of regulatory noncompliance by institutional mortgage lenders, it said in an order Monday.
David Stone, David Depardo, and Thomas Carroll provided tips to the IRS that several real estate mortgage investment conduits—financial vehicles used by lenders to hold a pool of mortgages and issue mortgage-backed securities—routinely failed to comply with tax exemption requirements. IRS investigators found the petitioners’ information was credible, but never interviewed them and did nothing to collect the tax allegedly owed on REMIC income, ...
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