In a case dating back to 1995, PricewaterhouseCoopers has agreed to settle a government probe into questionable tax shelters overseen by the accounting firm.

Although it neither admitted nor denied any wrongdoing, PwC will pay the government a "substantial amount" to settle the case, which involved registration of tax shelters. The firm will also give the IRS certain client information and will help the agency stop up any gaps in its code for registering and maintaining lists of tax shelter investors.

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