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No Federal Income Tax For BofA Comes With $953 Million Benefit

Bank of America paid no federal income taxes for 2010. It reports pre-tax losses in the U.S. at $5.4 billion, and has reported a federal income tax benefit of $953 million. "Bank of America takes its role as a corporate citizen very seriously, and pays taxes in accordance with all applicable laws and regulations," bank spokesman Jerry Dubrowski told the Charlotte Observer's Rick Rothaker. Not everyone buys it. A representative of the group U.S. Uncut, which has been protesting BofA, calls the bank an "aggressive tax dodger." The Observer's story says the group "suggests Bank of America and other large U.S. companies are using subsidiaries in offshore tax havens to eliminate their taxes." Click here to read the rest of the story.