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Merck set up offshore accounts to avoid U.S. taxes; settles with IRS

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Health: Merck set up offshore accounts to avoid U.S. taxes; settles with

IRS for $2.3 billion

American pharmaceutical giant Merck & Co. for years held offshore

accounts in Bermuda to hold patents for two of its drugs, and then used

the royalties from these patents as tax deductions in the United States.

On Wednesday, the company...

http://www.newstarget.com/021645.html

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