"It may seem like accounting magic, but it's completely legit," says CNN about GE's US tax bill of $0.00, and answers its magic-themed (and tax-themed) question, "How'd it pull off that trick?" this way. The company, listed in the iconic Fortune 500, managed this feat by making nearly $11 billions worth of profits overseas and deducting its U.S. losses of more than $400 million. And taxes on those eleven billions in profit? Well, they'll come due--eventually.
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