? SEC decides Apple isn't in violaiton of US Federal tax law ? Not the IRS jurisdiction?

[elehhhhna]

The SEC is in bed with the Fortune 500. The IRS and the courts (via litigation) used to interpret and decide what constitutes a violation. Why is this a matter for the SEC to decide?




SEC says Apple isn’t Breaking Tax Laws, but We Already Knew That

Jeff Gamet
@jgamet · +Jeff Gamet


Oct 7th, 2013 9:20 AM EDT | Analysis


The U.S. Securities and Exchange Commission's investigation into Apple's tax practices is complete, and the conclusion is that the Mac, iPhone and iPad maker isn't breaking any laws. Congress pulled Apple in for hearings earlier this year over accusations that it was intentionally keeping money outside the United States to avoid paying taxes.

SEC: Apple didn't violate U.S. tax lawsSEC: Apple didn't violate U.S. tax laws

The investigation revealed that the majority of Apple's overseas earnings are held in Ireland and that the money will be staying outside of the U.S. The SEC report stated,
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Substantially all of the Company's $40.4 billion in undistributed international earnings intended to be indefinitely reinvested in operations outside the U.S. (as of September 29, 2012) was generated by subsidiaries organized in Ireland, which has a statutory tax rate of 12.5 percent. The Company supplementally advises the Staff that most countries in which the Company operates have tax rates lower than that of the U.S.

Since so much of Apple's wealth outside the U.S. is held in Ireland, the SEC advised the company to add more information to its Federal reports that identify where its money is held and what risks that poses instead of simply referring to foreign holdings. Apple agreed to the request and will note what possible impact any changes to Ireland's tax laws could have on the company's bottom line.

Apple CEO Tim Cook and CFO Peter Oppenheimer were called before Congress in May to testify on the company's tax practices. Senator Carl Levin (D-MI), said at the time, "Apple wasn't satisfied with shifting its profits to a low-tax offshore tax haven. Apple sought the holy grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere."

http://www.macobserver.com/tmo/article/sec-says-apple-isnt-breaking-tax-laws-but-we-already-knew-that

[DJ13]

1. Your OP is formatted in an odd way

[elehhhhna]

3. oops thx

[FreakinDJ]

2. Been saying for years - What Apple did is Legal

But it shouldn't be

It's the same thing Romney is doing. That LoopHole is so BIG Corporate America is driving the Entire American Middle Class right through it to the Poor House