Apple is one example of a U.S. multinational that classifies a large amount of cash as "offshore" -- the money is not subject to the 35% federal corporate-tax rate -- but manages the money domestically. Apple's controversial $102 billion in offshore profit is deposited in New York bank accounts. Bookkeepers in Austin, Texas, keep track of the money, and a wholly owned subsidiary in Reno, Nev., manages it.

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