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A pedestrian walks past the Manulife building in downtown Vancouver on May 3, 2012.
A pedestrian walks past the Manulife building in downtown Vancouver on May 3, 2012.
(JONATHAN HAYWARD/THE CANADIAN PRESS)

Manulife expected to take U.S. tax court loss in stride

Manulife Financial Inc. is prepared for the financial hit that followed its U.S. subsidiary’s defeat in tax court, according to one analyst.

The insurer’s Boston-based business John Hancock Life Insurance Co. faced the U.S. government tax agency, the Internal Revenue Service (IRS), over transactions from several years ago. On Monday, Judge Harry A. Haines said the company’s interests do not entitle it to most of its claimed deductions.