Apple exec faces Senate grilling on alleged tax avoidance

In a four-hour hearing Tuesday, Apple CEO Tim Cook faced tough questioning from members of the Senate Permanent Subcommittee on Investigations on accusations that the company has been using offshore loopholes to avoid paying billions in taxes. While Cook received glowing accolades from panelists for his company's success, many were not swayed by the CEO's testimony that Apple doesn't depend on "tax gimmicks" to reduce its burden. According to financial filings, the company is holding $102.3 billion of its $145 billion in cash reserves overseas, and Cook says it has no plans to repatriate any of it back to the U.S.

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