06/22/2011
https://www.congress.gov...
"AOI has received about $30 billion over the last 5 years, but has not filed a corporate income tax return."
"Where are we? How can we possibly be in a situation today where the law permits income to be allocated to a company resident nowhere and not be taxed anywhere?"
"It seems to me that is inconsistent with the premise of deferral because the company has no tax residence anywhere else that is making a tax claim."
"Now, when my children were younger--I have four adult boys, but when they were younger, they were big into magic, and they might characterize the check-the-box regs as making things go, 'Poof.'"