Martin A. Sullivan (Tax Analysts), Apple Reports High Rate but Saves Billions on Taxes, 134 Tax Notes 777 (Feb. 13, 2012):
By taking advantage of lax U.S. transfer pricing rules, Apple Inc., the world’s most valuable company, cut its federal tax bill by billions of dollars in 2011. Moreover, by taking advantage of flexible accounting rules, the company masked its tax avoidance by reporting a relatively high effective tax rate.
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