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Bending the Tax Code, and Lifting A.I.G.’s Profit (New York Times)

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American International Group reported a $19.8 billion profit for its fourth quarter last week. But that doesn’t mean the company pulled a massive turnaround after its government bailout a few years ago.

Looking more closely at the numbers, it turns out $17.7 billion of that profit was actually a tax benefit from the U.S. government. What’s more, AIG won’t pay any taxes this year or for the next decade, according to some estimates.