To Avoid Taxes, Apple Tried Claiming Its HQ Was Worth $200. Then They Added Massive Retractable Doors. To Avoid Taxes, Apple Tried Claiming Its HQ Was Worth $200. Then They Added Massive Retractable Doors. – NTK Network

To Avoid Taxes, Apple Tried Claiming Its HQ Was Worth $200. Then They Added Massive Retractable Doors.

This will likely not help their case with the tax assessor’s office.

By NTK Staff | 08.16.2018 @3:45pm
To Avoid Taxes, Apple Tried Claiming Its HQ Was Worth $200. Then They Added Massive Retractable Doors.

Apple CEO Tim Cook showed off the company’s latest technological innovation on Thursday, and unlike many of their products, this one won’t quite fit in your pocket.

Apple recently constructed an absolutely massive headquarters, known as “the spaceship,”  in Cupertino, California. The giant ring construction includes dozens of trees, a pond, and a park inside.

But it’s what’s along the exterior of the ring that was grabbing eyeballs Thursday – two giant sliding doors. “Lunchtime at Apple Park just got a whole lot more exciting,” Cook tweeted.

The timing of the unveiling couldn’t be worse for Apple, however. A San Francisco Chronicle exposé from the weekend revealed that the world’s only trillion-dollar company has tried numerous ways to avoid paying its fair share of taxes, and that includes property taxes it owes to Santa Clara County.

The Chronicle reported that in 2015, Apple tried to claim its $1 billion property was worth a mere $200.

Some claims reflect extreme differences in estimated values. In one appeal filed in 2015, Apple said that a cluster of properties in and around Apple Park in Cupertino that the assessor valued at $1 billion was worth just $200. In another, property that the assessor valued at $384 million was, in Apple’s view, worth $200, according to an appeal application.

That’s a $999,999,800 difference between what Apple believes its property is worth and at what value the county assessed the property. These massive retractable doors, and the fact that people are calling their HQ “the spaceship,” does not help Apple’s claim that these buildings are worth one-fifth of an iPhone X.

Apple has notoriously gone to great lengths to avoid paying U.S. taxes. After moving its massive cash hordes overseas, Apple announced earlier this year it would bring that money back to the U.S. after Republicans helped pass a tax reform package. In all, Apple was able to avoid paying about $50 billion in taxes it owed to the feds.

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