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In addition, Merck, another pharmaceutical company, agreed to cover the IRS $2.3 billion o settle allegations of cibai. It purportedly shifted profits offshore. In that case, Merck transferred ownership of just two drugs (Zocor and Mevacor) into a shell it formed in Bermuda. A personal exemption reduces your taxable income so you wind up paying lower taxes. You may well be even luckier if the exemption brings you to a lower tax bracket.
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