Morgan Stanley Enjoys $1.3 Billion Tax Benefit

Morgan Stanley (NYSE:MS) said it would book a $1.3 billion tax benefit during the fourth quarter, as it converted its wealth business to a corporation from a partnership. In its 10-Q filing, Morgan Stanley (NYSE:MS) also disclosed that it has enhanced other expenses for the quarter nine months ended September 30, 2014 by $30 million after additional wealth-management clients came forward to rescind trades they’d made. Change in Morgan Stanley’s tax status In a regulatory filing Tuesday, the Wall Street firm said that it had converted Morgan Stanley Smith Barney from a partnership to a corporation. This switch facilitated the…