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Wednesday, April 17, 2013

The Onion: How Corporations Avoid Paying Taxes

The Onion LogoThe Onion:  How Corporations Avoid Paying Taxes:

Here are some leading corporations’ tricks for minimizing their tax bills:

  • McDonald’s: Over 500 locations in major metropolitan areas classified as churches
  • Fisher-Price: Only employing war veterans
  • ExxonMobil: Investing in green technology by the hundreds of dollars
  • Nabisco: Claimed this year’s batch of Wheat Thins didn’t turn out well and lost the company millions, even though everyone knows this year’s batch was excellent
  • Hostess Brands: Chapter 11 bankruptcy
  • Kraft Foods: Underreporting net profits by claiming cost of producing each slice of cheese is $600,000
  • NBC: Consistently making and airing terrible programming that hasn’t earned company a single dollar in profit since 2003
  • The Boeing Company: Using 1040EZ form

http://taxprof.typepad.com/taxprof_blog/2013/04/the-onion.html

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