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Reply #7: IBM saved about $1.6 billion in tax maneuver: report [View All]

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ozymandius

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Thu Jun-07-07 06:37 AM
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7. IBM saved about $1.6 billion in tax maneuver: report

NEW YORK (Reuters) - International Business Machines Corp. (NYSE:IBM - news) saved about $1.6 billion last month by using a corporate tax loophole that has since been closed, the Wall Street Journal reported in its online edition on Wednesday.

IBM said it had structured a $12.5 billion stock repurchase to take advantage of funds it earned overseas without making them subject to U.S. corporate tax rates. IBM saved about $1.6 billion in the move, the Journal said, citing a person familiar with the transaction.

http://news.yahoo.com/s/nm/20070607/bs_nm/ibm_taxes_dc

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