The U.S. corporate tax code lets companies provide outsized compensation for their CEOs while paying minimal taxes, according to a study by the Institute for Policy Studies, a Washington think tank.

The study lists 26 companies, including AT&T, Boeing and Citigroup, that it says paid CEOs an average of $20.4 million in 2011 and generated average net income of $1 billion, while pay little in taxes, according to an Associated Press report. For example, the study cites Boeing, saying that while the company paid CEO James McNerny Jr. $18.4 million, it got a tax refund of $605 million. A Boeing spokesman disputes that, saying the company paid $1.3 billion in taxes last year.

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