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BNY Faces IRS in Court, Citi Faces Tough Questions on Call

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Tax Tussle: Today Bank of New York will face off against the IRS in court over a transaction that allegedly served as an artificial tax shelter, the FT reports. It was one of a series of complex cross-border transactions that Barclays executed with a half dozen U.S. banks, most of which are contesting the IRS’ decision to disallow tax credits from the deals. BNY’s case is…

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