Dallas-based law firm Jenkens & Gilchrist Corp. will pay $76 million to the Internal Revenue Service to settle charges over its aggressive marketing of questionably legal tax shelters to wealthy individuals.

As part of the settlement, the government said it won't prosecute the firm for selling the shelters, or writing opinion letters supporting them as legitimate. The IRS estimated that the shelters generated as much as $1 billion in phony tax losses.

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