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Pepperdine University School of Law

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Wednesday, September 25, 2013

Ferraro 500: Uncertain Tax Positions

Fortune 500The Ferraro Law Firm has released the 2013 edition of the Ferraro 500 - Uncertain Tax Positions:

We released the Ferraro 500 today.  The Ferraro 500 is a reorganization of the Fortune 500 by the size of the companies' Unrecognized Tax Benefit reserve ("Tax Reserve") for uncertain tax positions reported in SEC filings. The 2013 Ferraro 500 showed that collectively the Fortune 500 companies believe that they have underpaid their corporate income tax by $191.7 billion, an increase of 2.2% from the group’s collective tax reserves last year. According to the Ferraro 500, 2012 saw a slight decrease (-.51%) in the profits of the Fortune 500.

Ferraro 500 Rank (+/- Change) Company Fortune 500 Rank 2012 Revenues
($ billions)
2012 Profits
($ millions)
2012 Tax Reserves
($ millions)
2011 Tax Reserves
($ millions)
% Change
1 (+7) Exxon Mobil 2 449.9 44,880.0 7,663.0 4,922.0 55.7%
2 (+1) Microsoft 35 73.7 16,978.0 7,202.0 6,935.0 3.9%
3 (-1) J.P. Morgan
18 108.2 21,284.0 7,158.0 7,189.0 -0.4%
4 (0) General Electric 8 146.9 13,641.0 6,579.0 6,384.0 3.1%
5 (-4) Pfizer 48 61.2 14,570.0 6,315.0 7,309.0 -13.6%
6 (+1) Wells Fargo 25 91.2 18,897.0 6,069.0 5,005.0 21.3%
7 (-2) AT&T 11 127.4 7,264.0 5,770.0 5,853.0 -1.4%
8 (-2) IBM 20 104.5 16,604.0 5,672.0 5,575.0 1.7%
9 (+1) Merck 58 47.3 6,168.0 4,425.0 4,277.0 3.5%
10 (-1) AIG 38 70.1 3,438.0 4,385.0 4,279.0 2.5%
11 (+37) Entergy 261 10.3 846.7 4170.4* 812.1 413.5%
12 (0) Morgan Stanley 96 32.4 68.0 4,065.0 4,045.0 0.5%
13 (-2) Bank of America
21 100.1 4,188.0 3,677.0 4,203.0 -12.5%
14 (+1) Oracle 80 37.1 9,981.0 3,276.0 3,160.0 3.7%
15 (-2) Citigroup 26 90.8 7,541.0 3,109.0 3,923.0 -20.7%
16 (-2) Chevron 3 233.9 26,179.0 3,071.0 3,481.0 -11.8%
17 (+1) J&J 41 67.2 10,853.0 3,054.0 2,699.0 13.2%
18 (-2) Verizon
16 115.8 875.0 2,943.0 3,078.0 -4.4%
19 (-2) Cisco 60 46.1 8,041.0 2,819.0 2,948.0 -4.4%
20 (-1) General Motors 7 152.3 6,188.0 2,745.0 2,370.0 15.8%
21 (+3) Hewlett-Packard 15 120.4 -12,650.0 2,573.0 2,118.0 21.5%
22 (-2) Dell 51 56.9 2,372.0 2,446.0 2,194.0 11.5%
23 (-2) Pepsi 43 65.5 6,178.0 2,425.0 2,167.0 11.9%
24 (-2) Abbott Labs 70 39.9 5,962.9 2,257.0 2,123.0 6.3%
25 (0) Goldman Sachs
68 41.7 7,475.0 2,237.0 1,887.0 18.5%
26 (-3) Time Warner 105 28.7 3,019.0 2,222.0 2,122.0 4.7%
27 (+5) Apple 6 156.5 41,733.0 2,062.0 1,375.0 50.0%
28 (+1) Google 55 52.2 10,737.0 1,933.0 1,564.0 23.6%
29 (+1) Energy Future
447 5.6 -3,360.0 1,788.0 1,779.0 0.5%
30 (-4) P&G 28 85.1 10,756.0 1,773.0 1,848.0 -4.1%
31 (0) Comcast 46 62.6 6,203.0 1,573.0 1,435.0 9.6%
32 (-5) Ford 10 134.3 5,665.0 1,547.0 1,818.0 -14.9%
33 (0) Johnson Controls 67 42.0 1,226.0 1,465.0 1,357.0 8.0%
34 (+1) Eli Lilly 130 22.6 4,088.6 1,433.8 1,274.8 12.5%
35 (+1) Am Express 90 33.8 4,482.0 1,230.0 1,223.0 0.6%


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