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Tim Cook, chief executive officer of Apple Inc., (Credit: Bloomberg Andrew Harrer)

Tim Cook, chief executive officer of Apple Inc., speaks during a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., U.S., on Tuesday, May 21, 2013. Apple Inc. used "loopholes" to avoid paying $9 billion in U.S. taxes in 2012, U.S. Senator Carl Levin said. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Tim Cook

Tim Cook testifies over Apple tax loophole strategies

Lawmakers examined the tax strategy employed by Apple, the world's most valuable company, based in Cupertino, Calif., including how the company manages to hold a billion dollars in an Irish subsidiary as one strategy, according to a report issued this week by the subcommittee. (May 21, 2013)

Tim Cook, chief executive officer of Apple Inc.,
(Credit: Bloomberg Andrew Harrer)

Tim Cook, chief executive officer of Apple Inc., speaks during a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., U.S., on Tuesday, May 21, 2013. Apple Inc. used "loopholes" to avoid paying $9 billion in U.S. taxes in 2012, U.S. Senator Carl Levin said. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Tim Cook

J. Richard Harvey, professor at the Villanova University
(Credit: Bloomberg Andrew Harrer)

J. Richard Harvey, professor at the Villanova University School of Law, speaks during a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., U.S., on Tuesday, May 21, 2013. Apple Inc. used "loopholes" to avoid paying $9 billion in U.S. taxes in 2012, U.S. Senator Carl Levin said at a hearing that brought the company's chief executive officer, Tim Cook, to Washington to defend the strategies. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** J. Richard Harvey

Apple CEO Tim Cook testifies on Capitol Hill
(Credit: AP Photo J. Scott Applewhite)

Apple CEO Tim Cook testifies on Capitol Hill in Washington, Tuesday, May 21, 2013, before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations as lawmakers examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. Lawmakers want to know the tax strategy of how Apple, the world's most valuable company, based in Cupertino, Calif., holds a billion dollars in an Irish subsidiary as a tax strategy, according to a report issued this week by the subcommittee. (AP Photo/J. Scott Applewhite)

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Apple CEO Tim Cook, left, and Phillip A.
(Credit: AP Photo J. Scott Applewhite)

Apple CEO Tim Cook, left, and Phillip A. Bullock, right, Apple's head of Tax Operations, are sworn in on Capitol Hill in Washington, Tuesday, May 21, 2013, prior to testifying before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations hearing to examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. Lawmakers want to hear from Cook how Apple, the world's most valuable company, based in Cupertino, Calif., holds a billion dollars in an Irish subsidiary as a tax strategy, according to a report issued this week by the subcommittee. (AP Photo/J. Scott Applewhite)

Apple CEO Tim Cook, center, is surrounded by
(Credit: AP Photo J. Scott Applewhite)

Apple CEO Tim Cook, center, is surrounded by his team during a break from testifying on Capitol Hill in Washington, Tuesday, May 21, 2013, before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations as lawmakers examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. Apple, the world's most valuable company, based in Cupertino, Calif., holds a billion dollars in an Irish subsidiary as a tax strategy, according to a report issued this week by the subcommittee. (AP Photo/J. Scott Applewhite)

Apple CEO Tim Cook, center, flanked by Peter
(Credit: AP Photo J. Scott Applewhite)

Apple CEO Tim Cook, center, flanked by Peter Oppenheimer, Apple's chief financial officer, left, and Phillip A. Bullock, Apple's head of Tax Operations, are sworn in on Capitol Hill in Washington, Tuesday, May 21, 2013, prior to testifying before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations hearing to examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. Apple, the world's most valuable company, based in Cupertino, Calif., holds a billion dollars in an Irish subsidiary as a tax strategy, according to a report issued this week by the subcommittee. (AP Photo/J. Scott Applewhite)

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