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Achtung Baby! German Bank Settlement Could Include $490 Million Tax Loophole


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Achtung Baby! German Bank Settlement Could Include $490 Million Tax Loophole

WASHINGTON - As the German-based Commerzbank approaches a settlement agreement to resolve allegations surrounding the bank’s role in illegal money laundering with sanctioned states, the Justice Department will need to forbid tax deductions for this corporate wrongdoing or the bank will likely deduct the payments as an ordinary cost of doing business. In that case, taxpayers would ultimately shoulder up to $490 million of the deal.

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