How Apple's Phantom Taxes Hide Billions In Profits
AP
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Jul. 24, 2012, 10:56 AM
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963
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NEW YORK (AP) — On Tuesday,
Apple
is set to report financial results for the second quarter. Analysts are
expecting net income of $9.8 billion. But whatever figure Apple reports
won't reflect its true profit, because the company hides some of it
with an unusual tax maneuver.
Apple Inc., already the world's most valuable company, understates
its profits compared with other multinationals. It's building up an
overlooked asset in the form of billions of dollars, tucked away for tax
bills it may never pay.
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