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AbstractWe calculate the tunneling splittings in a Mn 12 magnetic molecule taking into account its internal many-spin structure. We discuss the precision and reliability of these calculations and show that restricting the basis (limiting the number of excitations taken into account) may lead to significant error (orders of magnitude) in the resulting tunneling splittings for the lowest energy levels, so that an intuitive picture of different decoupled energy scales does not hold in this case. ; and, at present, a substantial amount of reliable experimental data has been collected. Quantitative analysis of these experiments is a challenging theoretical problem involving fundamental issues about tunneling phenomena in mesoscopic magnetic systems. The basic prerequisite for solving this problem is our ability to evaluate accurately and reliably the energy splittings occurring as a result of tunneling between two (quasi) degenerate levels [7]. At present, carefully designed magnetic relaxation