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Under the settlement agreement, GSK will pay the Internal Revenue Service approximately $3.4 billion, and will abandon its claim seeking a refund of $1.8 billion in overpaid income taxes, as part of an agreement to resolve the parties' long-running transfer pricing dispute for the tax years 1989 through 2005.

GSK's $3.4 billion payment to the IRS (which includes interest) is the largest single payment made to the IRS to resolve a tax dispute.