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Sovereign Bancorp Seeks To Recoup $234M In Taxes From IRS

By Drew Singer ( November 26, 2013, 4:44 PM EST) -- In light of a Massachusetts federal judge's ruling that an international securities deal between banks contained economic substance, Sovereign Bancorp should be able to recoup $234 million in taxes assessed because the Internal Revenue Service labeled the scheme as a tax shelter, the bank argued on Monday....

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