Business

GE: 7,000 tax returns, $0 U.S. tax bill

interns Contributor

General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.

How’d it pull off that trick? By losing lots of money.

GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

Full story: GE: 7,000 tax returns, $0 U.S. tax bill – Apr. 16, 2010