President Donald Trump has signed a tax overhaul and companiesare rejoicing. But the most immediate effect of the new law couldbe a one-time accounting headache.
Hours after the bill signing, announcements started to roll infrom some of the world's biggest companies—with some spectacularnumbers. While the bill benefits most companies through a lowerrate, it also requires them to recalculate some of the taxpositions they may have been holding on their books for years.
Biotechnology company Amgen said it would take a $6 billion to$6.5 billion charge. Bank of America plans to take a $3 billionhit, and Credit Suisse Group will take a write-down of 2.3 billionSwiss francs ($2.32 billion).
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