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Apple On the Hook for $14.5 billion in Back Taxes After EC Ruling

Apple (AAPL) will have to pay €13 billion ($14.5 billion) in back taxes to Ireland under a European Commission ruling Tuesday.

The EC said that a tax break granted by Dublin to the iPhone maker amounted to illegal state subsidies, and will need to be recovered.

"Member states cannot give tax benefits to selected companies - that is illegal under EU state aid rules," said EU...