Sometimes, "offshore" money is actually onshore

05/22/2013 | New York Times (tiered subscription model), The

Because of complex accounting rules, "offshore" money excluded from U.S. taxation is routinely held and managed domestically. Apple's controversial $102 billion in offshore profit is kept in New York City. Bookkeepers in Austin, Texas, keep track of the money. A wholly owned subsidiary in Reno, Nev., manages the funds.

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New York Times (tiered subscription model), The

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