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May 31, 2016

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The offices of Braeburn Capital, an Apple subsidiary that manages and invests Apple's cash, in Reno. Nevada has a corporate tax rate of zero, as opposed to 8.84 percent levied in California, where Apple has its headquarters.

THE NEW YORK TIMES

The offices of Braeburn Capital, an Apple subsidiary that manages and invests Apple's cash, in Reno. Nevada has a corporate tax rate of zero, as opposed to 8.84 percent levied in California, where Apple has its headquarters.