FORTUNE -- In June, three weeks after the media had their fun (ahem, Jon Stewart) with Tim Cook's appearance before the Senate Permanent Subcommittee on Investigations, Apple (AAPL) received a fax from the Securities Exchange Commission.
The SEC's staff had taken a close look at Apple's Form 10-K for fiscal 2012 and it had several questions. One of them mentioned Cook's testimony:
Your financial statements indicate that you provide for any related tax liability on undistributed foreign earnings that "may be repatriated." Please explain to us how the phrase "may be repatriated" should be interpreted in this context. We note that Tim Cook [testified] that you have no plans to repatriate these earnings at the current tax rate. In addition, explain to us how you evaluated the criteria for the exception to recognition of a deferred tax liability in accordance with ASC 740-30-25-17 and 18 for undistributed earnings that are intended to be indefinitely reinvested.
It was a question only a tax accountant could love. But over the summer, Apple answered it and six additional, equally complex queries. The SEC was letting Apple know that everything it did to minimize its tax burden was going to be scrutinized extra carefully by the agency's sharp-eyed tax experts.
But in the end, the only thing Apple had to change was the language of its SEC filings. Basically, the agency wanted enough information in the 10-K so that a shareholder who studied it might understand how the company's tax strategies worked and what risks they entailed.
Apple agreed, and on Sept. 5 the SEC alerted the company that its review was complete.
That, apparently, is agency-speak for "the investigation is closed, pending further revelations."
Links to the letters:
Apple shares soar on improved prospects for the quarter that ends Saturday.
FORTUNE -- Apple (AAPL) PR had a busy morning Monday, issuing two market-moving documents:
A press release announcing that it has sold more than 9 million new iPhones, 80% better than 5 million iPhone 5 units it sold last last year.
An SEC Form 8K alerting the commission that those 9 million sales represents a material change in the company's prospects for its MORE
SEC filing suggests that its $60 billion stock buyback has not yet begun in earnest.
FORTUNE -- Apple (AAPL) on Monday set in motion the financial mechanisms necessary to initiate the $100 billion cash management plan announced last week.
By 11 a.m., according to an SEC Form S-3 filing, the company will have deposited the cash necessary to pay accrued dividends. According to Reuters it will also be holding a series of meetings with potential MOREPhilip Elmer-DeWitt - Apr 29, 2013 10:27 AM ET
Equity-based crowdfunding has yet to take shape one year after the JOBS Act was signed.
By Kurt Wagner, reporter
FORTUNE -- It's been exactly one year since President Obama signed the JOBS Act into law. After passing with flying colors in the House and Senate, the President called the new legislation a "potential game changer" for its ability to alter the fundraising landscape for both startups and small businesses. Of the MOREApr 5, 2013 7:30 AM ET
SEC filings show banks and hedge funds selling Apple shares by the millions
FORTUNE -- There was a lot of selling pressure on Apple (AAPL) last quarter, to put it mildly. The stock ended the year down 25% from its September high of $705.07 and has fallen another 12% since then.
Want know where that pressure came from?
The big financial institutions -- banks, insurance companies, hedge funds, pension funds etc. -- that MOREPhilip Elmer-DeWitt - Feb 15, 2013 7:33 AM ET
The JOBS act was supposed to kick start crowdfunding. Now it's stuck waiting for the SEC to determine how the masses can invest in startups.
By Kurt Wagner, reporter
FORTUNE -- Crowdfunding, a relative newcomer to the investment industry, is stuck in legislative limbo. President Obama signed the JOBS Act in April, but the business world is waiting for the Securities and Exchange Commission to issue rules for the law. The MOREDec 28, 2012 5:00 AM ET
Steve Jobs may not care about his company's stock price, but someone in Cupertino does
Here's a piece of Apple (AAPL) keynote trivia spotted by a keen-eyed member of Investor Village's AAPL Sanity board who calls himself the silver_Fox.
At the 45:11 mark in Monday's Worldwide Developer Conference keynote presentation, in the middle of Scott Forstall's canned demo of iOS 5's new notification feature, a stock ticker popped up that showed Apple MOREPhilip Elmer-DeWitt - Jun 12, 2011 10:52 AM ET
Who's behind the weekly Max Pain phenomenon that has become the tail that wags the dog?
In our ongoing quest to understand what part the trade in weekly Apple (AAPL) options plays in keeping the company's stock price from reflecting its performance (see here, here and here), we had a chat the other day with Mark Sebastian, a former market maker at the Chicago Board Options Exchange who posts frequently on MOREPhilip Elmer-DeWitt - May 27, 2011 8:53 AM ET
There's something fishy about the trading two days before NASDAQ released the news
The gap in the blue line on April 5 in the chart at right reflects the $4.2 (1.2%) traders knocked off Apple's share price at the opening bell Tuesday -- the first opportunity money managers had to rebalance their portfolios after NASDAQ announced in the middle of the night that it was reducing Apple's weight in the MOREPhilip Elmer-DeWitt - Apr 6, 2011 7:53 AM ET
A curated selection of the day's most newsworthy tech stories from all over the Web.
Today, the FCC votes on Internet regulations that would mandate that companies treat all kind of Web content equally -- though as they are now, the rules would not apply to wireless data. Venture capitalist and former California State Controller Steve Westly explained why the net neutrality proposal announced by FCC Chairman Julius Genachowski is a must-have. (CNN MOREJP Mangalindan, Writer - Dec 21, 2010 6:00 AM ET
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