Tax Accountant Here - Whoever wrote the Forbes article is patently wrong. Large corporations like Apple cannot base all of their current year's estimated tax payments on their prior-year's tax liability (See Section 6655(d)(2) of the Internal Revenue Code), only their first quarter's estimated payment.
Apple's 2011 Form 10-K shows that their current tax expense (the amount of cash taxes paid or payable on 2011 profits) was $5,415,000,000. They also have a deferred tax expense (taxes that have economically accrued on 2011 earnings but that aren't due until certain events occur in the future) of $2,868,000,000. Their total tax expense for 2011 was $8,283,000,000 on pre-tax profits of $34,205,000,000, an effective tax rate of 24.2%. They were able to "save" about $3.9 billion in taxes by keeping profits generated in foreign countries parked outside of the USA. Other tax savings came from utilization of the Research & Development tax credit ($167 Million) and the Domestic Production Activities Deduction ($168 Million).
"The thought police would get him just the same. He had committed--would have committed, even if he had never set pen to paper--the essential crime that contained all others in itself. Thoughtcrime, they called it. Thoughtcrime was not a thing that could be concealed forever. You might dodge successfully for a while, even for years, but sooner or later they were bound to get you."
- George Orwell, 1984, Book 1, Chapter 1
I distinctly remember buying Netscape Navigator (or was it Communicator) from a local "Stop 'n Save Software" store which later turned into an EB Games. I suppose it was back in 1996 and the price was something like $40-$60. I still have the 5 diskettes it came on stuck in a drawer somewhere. Prior to that I used Mosaic.
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Tax Accountant Here - Whoever wrote the Forbes article is patently wrong. Large corporations like Apple cannot base all of their current year's estimated tax payments on their prior-year's tax liability (See Section 6655(d)(2) of the Internal Revenue Code), only their first quarter's estimated payment. Apple's 2011 Form 10-K shows that their current tax expense (the amount of cash taxes paid or payable on 2011 profits) was $5,415,000,000. They also have a deferred tax expense (taxes that have economically accrued on 2011 earnings but that aren't due until certain events occur in the future) of $2,868,000,000. Their total tax expense for 2011 was $8,283,000,000 on pre-tax profits of $34,205,000,000, an effective tax rate of 24.2%. They were able to "save" about $3.9 billion in taxes by keeping profits generated in foreign countries parked outside of the USA. Other tax savings came from utilization of the Research & Development tax credit ($167 Million) and the Domestic Production Activities Deduction ($168 Million).
"The thought police would get him just the same. He had committed--would have committed, even if he had never set pen to paper--the essential crime that contained all others in itself. Thoughtcrime, they called it. Thoughtcrime was not a thing that could be concealed forever. You might dodge successfully for a while, even for years, but sooner or later they were bound to get you." - George Orwell, 1984, Book 1, Chapter 1
Wow. It's supposed to be cloudy in Vancouver? Who woulda thought?
I distinctly remember buying Netscape Navigator (or was it Communicator) from a local "Stop 'n Save Software" store which later turned into an EB Games. I suppose it was back in 1996 and the price was something like $40-$60. I still have the 5 diskettes it came on stuck in a drawer somewhere. Prior to that I used Mosaic.
What about the five-second rule?