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Tax ruling on Wells Fargo may spur refunds

The ruling highlights a little-known revenue centre in the world of corporate tax planning, says a lawyer.

New York

WELLS Fargo & Co got less than it wanted in a federal tax-refund lawsuit, yet the bank's partial victory may spur billions of dollars in similar refund claims from companies that have done repeated mergers and acquisitions, tax lawyers say.

The bank had sought refunds