Apple - and our tax codes - have a strange definition of "overseas". If a company makes money overseas and keeps it there, there are no taxes due the U.S.A. Seems pretty straightforward. Right? However, Apple has $102 billion in offshore profits stored in banks in a foreign place called New York City. Furthermore, these funds are managed by a group of Apple employees based in another foreign place, Reno, Nevada. However, Apple has "assigned' these funds to its Irish subsidiaries; thus, it is considered to be under foreign control and not subject to our income tax.
Does this make any sense to you?
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