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McKesson to record a tax credit
E-Health Trend Watch, November 10, 2006
McKesson Corp. in San Francisco will record an $80 million tax credit because the Internal Revenue Service (IRS) ruled that a $960 million class action settlement payment is tax-deductible. McKesson received a ruling from the IRS in a letter and disclosed it in a Securities and Exchange Commission filing. The litigation stemmed from HBO & Co., a division now known as McKesson Information Solutions, for improperly recording software sales revenue.
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