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The Boston Globe

Metro

State Treasurer could face massive tax bill

A bungled consolidation of his life insurance policies could result in state Treasurer Steven Grossman having a tax obligation in excess of half a million dollars, according to a letter he sent to the State Ethics Commission in May.

Grossman, a Democratic candidate for governor, wrote that in 2009, before he was elected treasurer, the life insurance policies he held were aggregated into one policy through a tax-free exchange.

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