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Resource ID: #20394
Subject: Taxes
Source: Wall Street Journal (New York)
Affiliation: 
Date: 11/6/97

Description

Michael D. Thomson, a Washington bureaucrat, uncovers a new ploy major corporations are using to generate billions of dollars worth of tax deductions. The maneuver, which is known as "step-down preferred stock," helped corporations elude federal income taxes by increasing the deductibility of loan repayments.

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