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Medtronic Set To Pay Part Of $500 Mil. Tyco Tax Settlement

The settlement would put to rest a dispute between former Covidien parent company Tyco and the IRS over taxes on intercompany debt. If the settlement is finalized, Medtronic’s share would be about $210 million.

Medtronic PLC is close to an agreement with the US Internal Revenue Service that will put to rest a 2013 allegation of tax fraud against former Covidien parent company Tyco. Under the proposal, Medtronic would split the payment on a total settlement of approximately $475 million to $525 million with two Tyco-connected businesses.

Tyco split into Covidien PLC, Tyco International Ltd. and TE Connectivity in 2007, and Medtronic purchased Covidien in 2015. The former Tyco divisions remain responsible for each other’s...

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