Tax benefit causes AIG profits to skyrocket

American International Group Inc. (AIG) has announced a fourth quarter 2011 profit of $19.8 billion following a large tax benefit that it received after it submitted its predictions regarding its ability to maintain the generation of profits over the upcoming years. The bailed-out insurance company received tax benefits worth $17.7 billion within the last three months of last year. This was a sum that was significantly greater than the $1.6 billion operating income that it received from its insurance businesses and other branches throughout that same time. Equally, though, the…

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