Morning News Friday May 25th 2007
General News: - There is a potential tax liability for a large number of large-cap companies contained in the tax code FIN 48. The tax code calls on companies to identify their uncertain income tax positions, such as filing income tax returns in a certain state, and to figure out their potential tax liability. Certain companies may regard its operations as immaterial to its overall activities. - Merck (MRK) has a potential tax liability of $7.4 billion. - GE, JP Morgan, Pfizer, Exxon, Bank of America, Citigroup and Verizon are all in danger of having to pay. - Overall,…