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The Boston Globe

Business

To cut taxes, companies turn to trusts

Those claiming to be real estate firms include prison and casino operators

NEW YORK — A small but growing number of US corporations, operating in businesses as diverse as private prisons, billboards, and casinos, are making a forehead-slapping move to reduce — or even eliminate — their federal tax bills.

They are declaring they are not ordinary corporations. Instead, they say, they are special trusts that are typically exempt from paying federal taxes.

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