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The U.S. Internal Revenue Service estimates that as of 2009, U.S. nonfinancial companies had $4.8 trillion in liquid assets, a figure that dwarfs the $1.7 trillion in such assets shown in the Federal Reserve’s flow of funds as of March of this year, according to Reuters. The article argues that the IRS data are more accurate before they reflect companies’ worldwide holdings, while the Fed tracks only the domestic economy. It calculates that companies are holding 11.3% of their assets in cash.

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