By Aruna Viswanatha and David Henry
WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co's preliminary $13 billion mortgage settlement with the U.S. government could end up costing the bank as little as $9 billion after taxes, because the majority of the deal is expected to be tax deductible, two sources said.
The deduction also means the government is getting less than it appears in this deal. Banks can often deduct legal settlements from their taxes, but cannot get tax benefits for penalties for violating laws.
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via Google News
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