"IRS Files Lawsuit Against FDIC Over Silicon Valley Bank's $1.4 Billion Tax Debt"

The IRS has sued the FDIC over the failed Silicon Valley Bank's $1.45 billion tax debt, with the FDIC denying the entire tax claim. The IRS is seeking a court ruling to determine the amount the FDIC must pay, as it acts as a receiver for the bank's assets to repay creditors. The dispute arose after the IRS filed an estimated $1.45 billion tax claim, which the FDIC rejected, leading to a legal battle amid the fallout from SVB's collapse and subsequent lawsuits involving seized cash and deposit guarantees.