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Fiscal Cliff Deal Extends Tax Break for Megabanks; New Day at B of A

Receiving Wide Coverage ... The Fiscal, Uh, Valley: The budget deal reached at the beginning of this year extends an obscure but important tax break for U.S. banks that do business overseas, according to the FT. Under the "subpart F exception for active financing income" (rolls off the tongue, don't it?), income earned on certain transactions outside U.S. borders is taxed only when brought back into the country. The exception was introduced in the late 1990s…

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