“ASI uses transfer pricing to reduce the taxable profits on Apple’s international subsidiaries around the world,” explains Dr. Graham. “Basically, [ASI] charges international subsidiaries just enough for the use of Apple’s intellectual property to reduce their taxable income to zero."
I was in my kayak on Bald Lake just before the call came through, and managed to get to shore in time to talk with David at length. Good thing, too. Lakes in Ontario have a voracious appetite for dropped cell phones.