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

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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)